Clubbing of income from gifted property failed where the claim surfaced after reassessment limitation, sustaining capital-gains assessment in spouse's...
Employee stock-option discount qualifies as revenue expenditure, while royalty and service comparables require reliable functional and transactional b...
Special insurance income computation preserves statutory deductions while limiting transfer-pricing, withholding and disallowance adjustments for gene...
Amended section 270AA permits waiver applications for penalties imposed for under-reporting arising from misreporting of income, subject to payment of the prescribed additional income tax. The earlier exclusion of misreporting cases does not govern applications under the amended regime. Receipt of a penalty order creates a fresh statutory right to apply within one month from the end of the month of receipt, notwithstanding an earlier application under the former provision. Where the statutory conditions are fulfilled and the applicable appeal period has expired, the Assessing Officer must waive the penalty and grant immunity from specified prosecution proceedings.
Amended section 270AA permits waiver applications for penalties imposed for under-reporting arising from misreporting of income, subject to payment of the prescribed additional income tax. The earlier exclusion of misreporting cases does not govern applications under the amended regime. Receipt of a penalty order creates a fresh statutory right to apply within one month from the end of the month of receipt, notwithstanding an earlier application under the former provision. Where the statutory conditions are fulfilled and the applicable appeal period has expired, the Assessing Officer must waive the penalty and grant immunity from specified prosecution proceedings.
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TaxTMI 
TaxTMI 
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