Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Penalty u/s 271(l)(c) - The assessee has immediately on receipt of the notice u/s 142(1) has revised the computation of income restricting the deduction claimed u/s 54F and paid the due taxes. Thus it is transpired that the assessee has claimed deduction for the investment in two properties under the bona-fide believe and he did not claim excessive deduction u/s 54F of the Act deliberately - No penalty.
Penalty u/s 271(l)(c) - The assessee has immediately on receipt of the notice u/s 142(1) has revised the computation of income restricting the deduction claimed u/s 54F and paid the due taxes. Thus it is transpired that the assessee has claimed deduction for the investment in two properties under the bona-fide believe and he did not claim excessive deduction u/s 54F of the Act deliberately - No penalty.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
