Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Journal-entry transfers of outstanding loans during restructuring of related concerns may constitute reasonable cause for non-compliance with the prescribed mode of loan acceptance where the original loans were received through banking channels, no cash movement occurred, and the transactions are genuine. The notes explain that journal entries are a recognised method of recording business transactions and that penalty protection may apply if there is no adverse finding of non-business use or movement of money. On the stated facts, transfer of genuine loans through journal entries to support a business takeover and financial transition was treated as supported by reasonable cause, resulting in deletion of the remaining penalty.
Journal-entry transfers of outstanding loans during restructuring of related concerns may constitute reasonable cause for non-compliance with the prescribed mode of loan acceptance where the original loans were received through banking channels, no cash movement occurred, and the transactions are genuine. The notes explain that journal entries are a recognised method of recording business transactions and that penalty protection may apply if there is no adverse finding of non-business use or movement of money. On the stated facts, transfer of genuine loans through journal entries to support a business takeover and financial transition was treated as supported by reasonable cause, resulting in deletion of the remaining penalty.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
