Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
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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