Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
Penalty u/s 271(1) (c) - period of limitation - treatment of lease rent income - in the revised return, assessee claimed the same as income from house property to claim 30% standard deduction - AO treated the income of the assessee as income from business and initiated penalty proceedings - ITAT found that the penalty order was indeed unsustainable as it was passed beyond the prescribed time limit under section 275. Moreover, the ITAT emphasized that the mere rejection of a claim by the Revenue does not automatically warrant penalty imposition unless there is evidence of concealment or furnishing inaccurate particulars.
Penalty u/s 271(1) (c) - period of limitation - treatment of lease rent income - in the revised return, assessee claimed the same as income from house property to claim 30% standard deduction - AO treated the income of the assessee as income from business and initiated penalty proceedings - ITAT found that the penalty order was indeed unsustainable as it was passed beyond the prescribed time limit under section 275. Moreover, the ITAT emphasized that the mere rejection of a claim by the Revenue does not automatically warrant penalty imposition unless there is evidence of concealment or furnishing inaccurate particulars.
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