Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
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Section 270A distinguishes under-reporting from misreporting, with different statutory consequences. For a misreporting penalty, the Assessing Officer must specify the precise applicable clause in both the notice and penalty order; a generic reference leaves the taxpayer unaware of the charge and invalidates the proceedings. Where divergent Tribunal views support the taxpayer's adopted legal position on interest from enhanced compensation, that position cannot by itself amount to misreporting. The penalty for alleged misreporting was therefore deleted and the appeal allowed.
Section 270A distinguishes under-reporting from misreporting, with different statutory consequences. For a misreporting penalty, the Assessing Officer must specify the precise applicable clause in both the notice and penalty order; a generic reference leaves the taxpayer unaware of the charge and invalidates the proceedings. Where divergent Tribunal views support the taxpayer's adopted legal position on interest from enhanced compensation, that position cannot by itself amount to misreporting. The penalty for alleged misreporting was therefore deleted and the appeal allowed.
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