Income Declaration Scheme declarations can evidence share-capital sources, while round-tripped funds and cash-linked credits require further verificat...
Permanent establishment tests: independent subsidiary premises and principal-to-principal dealings did not create Indian taxability for offshore suppl...
Valuation Officer estimates govern property-value additions once statutory valuation is invoked, requiring fresh consideration of objections and compa...
Waiver of written show-cause notice may prevent a later procedural challenge after participation in customs adjudication, preserving statutory appella...
Retrospective invalidity of ocean-freight IGST supports refunds despite non-party status and prior credit utilisation, subject to authorised appeal gr...
Section 270A excludes an amount from under-reported income where the taxpayer gives a bona fide explanation and fully discloses material facts needed to support it. Rejection of a claim in quantum proceedings does not itself establish false particulars, concealment, or lack of bona fides. Software-development expenditure and its accounting treatment disclosed in audited financial statements may therefore remain eligible for exclusion where the dispute concerns the debatable legal characterisation of the expenditure as revenue expenditure or capital loss. On the stated facts, the statutory exclusion applied and the penalty was deleted.
Section 270A excludes an amount from under-reported income where the taxpayer gives a bona fide explanation and fully discloses material facts needed to support it. Rejection of a claim in quantum proceedings does not itself establish false particulars, concealment, or lack of bona fides. Software-development expenditure and its accounting treatment disclosed in audited financial statements may therefore remain eligible for exclusion where the dispute concerns the debatable legal characterisation of the expenditure as revenue expenditure or capital loss. On the stated facts, the statutory exclusion applied and the penalty was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4894 
