Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Penalty notices under section 271(1)(c) must clearly identify whether the charge concerns concealment of income or furnishing inaccurate particulars. The two limbs are independent and may require different explanations and treatment; therefore, a notice retaining both alternatives without specifying the applicable limb denies the assessee a proper opportunity to defend. Recording satisfaction to initiate penalty proceedings does not cure this defect. Applying this principle, the High Court treated the defective notice as invalid, upheld deletion of the penalty, and dismissed the revenue's appeal.
Penalty notices under section 271(1)(c) must clearly identify whether the charge concerns concealment of income or furnishing inaccurate particulars. The two limbs are independent and may require different explanations and treatment; therefore, a notice retaining both alternatives without specifying the applicable limb denies the assessee a proper opportunity to defend. Recording satisfaction to initiate penalty proceedings does not cure this defect. Applying this principle, the High Court treated the defective notice as invalid, upheld deletion of the penalty, and dismissed the revenue's appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
