Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
Administrative fraud classification suspension does not halt independent criminal investigation or warrant-based searches into alleged economic offenc...
Penalty u/s 271(1)(c) - disallowances in the quantum assessment order - whether any concealment or furnishing of inaccurate particulars proved? - Tribunal directs deletion of penalty concerning disallowance under section 40(a)(ia) as the quantum appeal resulted in deletion of the addition. - Penalty in relation to unexplained investment and capital expenditure is remanded to the Commissioner of Income Tax (Appeals) for reconsideration post-quantum appeal decision. - Tribunal upholds penalty on foreign traveling expenses and commission payments, citing lack of evidence to establish business purpose or compliance with tax regulations.
Penalty u/s 271(1)(c) - disallowances in the quantum assessment order - whether any concealment or furnishing of inaccurate particulars proved? - Tribunal directs deletion of penalty concerning disallowance under section 40(a)(ia) as the quantum appeal resulted in deletion of the addition. - Penalty in relation to unexplained investment and capital expenditure is remanded to the Commissioner of Income Tax (Appeals) for reconsideration post-quantum appeal decision. - Tribunal upholds penalty on foreign traveling expenses and commission payments, citing lack of evidence to establish business purpose or compliance with tax regulations.
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