Personal liberty safeguards restrict arrest after court-directed GST appearance, requiring interim release where authorities overreach pending proceed...
Alternative statutory remedy and delay bar GST writ challenges despite pending rectification, while distinct subject matter permits parallel proceedin...
Unverified Insight Portal Information Cannot Justify Reassessment Without a Verified Taxpayer-Specific Income-Escape Nexus or Demonstrated Application...
Assessing Officer jurisdiction after statutory transfer invalidates reassessment notices issued by transferor officers and nullifies resulting proceed...
Consequential appeal-effect orders must implement rectification deleting working-capital adjustments and reconsider the resulting arm's-length range c...
Discounted cash flow valuation protects share premium where projections are reasonable, while audited book expenses defeat unexplained-expenditure add...
Penalty for under-reporting attributable to misreporting applies where inadmissible deductions are claimed against interest income from nationalised banks and dividend income. The statutory protection based on a bona fide explanation is confined to under-reported income and does not extend to under-reporting resulting from misreporting. Once the Assessing Officer classifies the conduct as misreporting and applies the corresponding charge, penalty follows at the prescribed rate. Payment of tax and interest after disallowance in scrutiny assessment, while penalty proceedings remain pending, does not constitute voluntary disclosure or establish a bona fide mistake. The penalty for misreporting was sustained and the appeal dismissed.
Penalty for under-reporting attributable to misreporting applies where inadmissible deductions are claimed against interest income from nationalised banks and dividend income. The statutory protection based on a bona fide explanation is confined to under-reported income and does not extend to under-reporting resulting from misreporting. Once the Assessing Officer classifies the conduct as misreporting and applies the corresponding charge, penalty follows at the prescribed rate. Payment of tax and interest after disallowance in scrutiny assessment, while penalty proceedings remain pending, does not constitute voluntary disclosure or establish a bona fide mistake. The penalty for misreporting was sustained and the appeal dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4897 
