Revenue authority mandates using scheme-specific reversal procedures, not revising original entries, for instrument-based trade/customs benefits effec...
Transaction value under s.15(1) governs unrelated sales; valuation between related parties per Rule 28; consignment note required for unregistered rec...
Assessees face penalties under Income Tax Act section 271(1)(c) for repeatedly pleading ignorance on inaccurate tax claims.
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Income TaxJanuary 24, 2014Case LawsAT
Penalty u/s 271(1)(c) - assessees cannot plead ignorance year after year - The assessees have not proved the bonafides of making a wrong claim which amounts to furnishing of inaccurate particulars of income - AT
Penalty u/s 271(1)(c) - assessees cannot plead ignorance year after year - The assessees have not proved the bonafides of making a wrong claim which amounts to furnishing of inaccurate particulars of income - AT
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