International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
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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