Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
Acquiescence, homebuyer protection and clean-slate resolution principles prevent landowners from disrupting an integrated project through late termina...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
