Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
Administrative fraud classification suspension does not halt independent criminal investigation or warrant-based searches into alleged economic offenc...
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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