Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
Penalty under section 271AAB requires undisclosed income as exhaustively defined in its Explanation; a surrender made during a search does not alone establish that statutory character. Land and other advances represent application or outflow of funds rather than an unrecorded income inflow, and deeming provisions for unexplained investments cannot be automatically applied to this self-contained penal provision. Uncorroborated diary notings without verifiable particulars cannot independently prove real transactions or undisclosed income. As the amount was accepted as current-year business income without a requisite finding of undisclosed income, deletion of the penalty on the surrendered advances was sustained.
Penalty under section 271AAB requires undisclosed income as exhaustively defined in its Explanation; a surrender made during a search does not alone establish that statutory character. Land and other advances represent application or outflow of funds rather than an unrecorded income inflow, and deeming provisions for unexplained investments cannot be automatically applied to this self-contained penal provision. Uncorroborated diary notings without verifiable particulars cannot independently prove real transactions or undisclosed income. As the amount was accepted as current-year business income without a requisite finding of undisclosed income, deletion of the penalty on the surrendered advances was sustained.
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