Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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Levy of penalties u/s 271D and 271E for the violation of sections 269SS and 269T, respectively - The Tribunal, after reviewing precedents from the Supreme Court and various High Courts, emphasized that recording satisfaction in the assessment order regarding the initiation of penalty proceedings is mandatory. It was found that the AO had not recorded such satisfaction, rendering the penalty proceedings under sections 271D and 271E invalid. - Regarding period of limitation, the Tribunal noted that the reference for initiating penalty proceedings made by the AO to the Additional Commissioner was beyond the statutory limitation period. Therefore, the penalties imposed were considered time-barred and legally unsustainable.
Levy of penalties u/s 271D and 271E for the violation of sections 269SS and 269T, respectively - The Tribunal, after reviewing precedents from the Supreme Court and various High Courts, emphasized that recording satisfaction in the assessment order regarding the initiation of penalty proceedings is mandatory. It was found that the AO had not recorded such satisfaction, rendering the penalty proceedings under sections 271D and 271E invalid. - Regarding period of limitation, the Tribunal noted that the reference for initiating penalty proceedings made by the AO to the Additional Commissioner was beyond the statutory limitation period. Therefore, the penalties imposed were considered time-barred and legally unsustainable.
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