Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
Failure to file a return despite taxable income can constitute under-reporting under section 270A where no original return is furnished and assessed income exceeds the maximum amount not chargeable to tax. The note explains that section 270A is triggered by objective statutory conditions rather than concealment or intent to evade tax. Income disclosed in response to a reassessment notice and accepted without further addition does not cure the initial filing default. Availability of income details through tax deduction at source also does not remove the return-filing obligation. As no exclusion under section 270A(6) was established, penalty under section 270A(7) was sustained.
Failure to file a return despite taxable income can constitute under-reporting under section 270A where no original return is furnished and assessed income exceeds the maximum amount not chargeable to tax. The note explains that section 270A is triggered by objective statutory conditions rather than concealment or intent to evade tax. Income disclosed in response to a reassessment notice and accepted without further addition does not cure the initial filing default. Availability of income details through tax deduction at source also does not remove the return-filing obligation. As no exclusion under section 270A(6) was established, penalty under section 270A(7) was sustained.
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