Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
Captive power transfer pricing and non-resident export commission rules support deletion of adjustments and withholding disallowance in discussed proc...
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For penalty proceedings under section 270A, a show cause notice alleging misreporting must disclose the specific factual basis and category of misreporting so the taxpayer can respond meaningfully. Misreporting is treated as under-reporting involving bad faith, attracts a higher penalty, and precludes immunity; therefore, a bare allegation is insufficient. The notes state that notices and the penalty order merely asserted misreporting without particulars or reasons, and that the tax sought to be evaded required reconsideration. The High Court set aside the penalty order as unsustainable, while permitting fresh proceedings in accordance with law and leaving all contentions open.
For penalty proceedings under section 270A, a show cause notice alleging misreporting must disclose the specific factual basis and category of misreporting so the taxpayer can respond meaningfully. Misreporting is treated as under-reporting involving bad faith, attracts a higher penalty, and precludes immunity; therefore, a bare allegation is insufficient. The notes state that notices and the penalty order merely asserted misreporting without particulars or reasons, and that the tax sought to be evaded required reconsideration. The High Court set aside the penalty order as unsustainable, while permitting fresh proceedings in accordance with law and leaving all contentions open.
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