Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Penalty u/s 271(1)(c) - Failure to file the Return of Income (ITR) - The appellate tribunal addressed two appeals filed by the assessee against penalties imposed under section 271(1)(c) of the Income Tax Act for the assessment years 2011-12 and 2015-16. In the case of the former, the penalty was upheld, despite the appellant's argument of being a non-resident with limited knowledge of Indian tax laws. However, for the latter assessment year, the tribunal ruled in favor of the assessee, citing a similar precedent and considering the appellant's circumstances. The decision emphasized the importance of timely compliance with tax obligations and the relevance of the appellant's awareness of their tax liabilities.
Penalty u/s 271(1)(c) - Failure to file the Return of Income (ITR) - The appellate tribunal addressed two appeals filed by the assessee against penalties imposed under section 271(1)(c) of the Income Tax Act for the assessment years 2011-12 and 2015-16. In the case of the former, the penalty was upheld, despite the appellant's argument of being a non-resident with limited knowledge of Indian tax laws. However, for the latter assessment year, the tribunal ruled in favor of the assessee, citing a similar precedent and considering the appellant's circumstances. The decision emphasized the importance of timely compliance with tax obligations and the relevance of the appellant's awareness of their tax liabilities.
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