Foundational assessment satisfaction is essential before initiating penalty for cash receipt of immovable-property sale consideration under section 27...
Tax collection at source on purchases removes duplicate withholding obligation, while trade-creditor evidence requires verification before unexplained...
Transfer-pricing comparability requires material turnover effects; adjustments must cover only associated-enterprise transactions and exclude abnormal...
Penalty under section 271AAC(1) was not sustainable where unexplained cash deposits were assessed only by estimating and restricting the addition to a profit percentage. An ad hoc estimated addition did not, by itself, establish conscious concealment or undisclosed income. The penalty levied solely on that estimated addition was therefore deleted, and the appeal was allowed.
Penalty under section 271AAC(1) was not sustainable where unexplained cash deposits were assessed only by estimating and restricting the addition to a profit percentage. An ad hoc estimated addition did not, by itself, establish conscious concealment or undisclosed income. The penalty levied solely on that estimated addition was therefore deleted, and the appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
