E-filing system failure permits exclusion of affected time in insolvency appeals, preventing tribunal technology defects from defeating timely filings...
Pre-existing disputes over outcome-based professional fees can bar Section 9 insolvency proceedings where contractual entitlement requires investigati...
Corresponding scheduled offences preserve money-laundering jurisdiction despite repeal of the central corruption provision where conduct remains cover...
Penalty u/s 270A and 271AAB - Defective notice u/s 274 - under reporting of income - search and seizure operation - The Tribunal found that the penalty notices under sections 270A and 271AAB were not in compliance with the legal requirements, as they failed to specify the exact limb under which the penalties were being levied (misreporting or underreporting of income). This lack of specificity was deemed to render the notices vague and legally insufficient to form the basis for penalty proceedings. - The Tribunal underscored that penalty proceedings are independent of assessment proceedings and must stand on their own merits. - The ITAT allowed the appeals filed by the firm, deleting the penalties
Penalty u/s 270A and 271AAB - Defective notice u/s 274 - under reporting of income - search and seizure operation - The Tribunal found that the penalty notices under sections 270A and 271AAB were not in compliance with the legal requirements, as they failed to specify the exact limb under which the penalties were being levied (misreporting or underreporting of income). This lack of specificity was deemed to render the notices vague and legally insufficient to form the basis for penalty proceedings. - The Tribunal underscored that penalty proceedings are independent of assessment proceedings and must stand on their own merits. - The ITAT allowed the appeals filed by the firm, deleting the penalties
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TaxTMI 
TaxTMI 
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