Educational approval requires mandatory State registration, but incidental surplus and trustee-owned land do not prove private benefit or profit motiv...
Judicial review of settlement orders cannot reopen settled customs notices, while statutory interest remains subject to verification and quantificatio...
Customs Broker licence lending for consideration justified revocation where exporter authorisation and client verification obligations were also breac...
Fraudulent import documents suspend limitation protection, while redemption of confiscated goods requires duty and interest despite bona fide purchase...
ODR arbitration participation remains mandatory after failed conciliation, while jurisdictional and maintainability objections stay available before t...
Penalty for accepting cash sale consideration under section 271D was examined in a co-owned property transaction involving an alleged contravention of section 269SS. The relevant circumstances included disclosure of the full sale consideration for taxation after receipt of cash and the absence of penalty against a co-owner participating in the same transaction. Applying the coordinate Bench approach on identical facts, the penalty was deleted. The discussion treats subsequent tax disclosure, comparable treatment of co-owners, and reasonable cause as material considerations in determining whether a cash-acceptance penalty should stand.
Penalty for accepting cash sale consideration under section 271D was examined in a co-owned property transaction involving an alleged contravention of section 269SS. The relevant circumstances included disclosure of the full sale consideration for taxation after receipt of cash and the absence of penalty against a co-owner participating in the same transaction. Applying the coordinate Bench approach on identical facts, the penalty was deleted. The discussion treats subsequent tax disclosure, comparable treatment of co-owners, and reasonable cause as material considerations in determining whether a cash-acceptance penalty should stand.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
