Alternate statutory remedy governs GST assessment challenge, with statutory appeal preserved and limitation objection barred for the permitted filing ...
Levy of penalty u/s 271(1)(c) - Denial of exemption of capital gains u/s 10(38) on account of sale of shares - The Tribunal also emphasized that the Revenue had failed to provide an opportunity for cross-examination to the assessee, which was a violation of the principles of natural justice. It noted judgments that stressed the importance of allowing the assessee to rebut any adverse evidence. The Tribunal concluded that in the absence of the quantum addition, the penalty under Section 271(1)(c) could not stand.
Levy of penalty u/s 271(1)(c) - Denial of exemption of capital gains u/s 10(38) on account of sale of shares - The Tribunal also emphasized that the Revenue had failed to provide an opportunity for cross-examination to the assessee, which was a violation of the principles of natural justice. It noted judgments that stressed the importance of allowing the assessee to rebut any adverse evidence. The Tribunal concluded that in the absence of the quantum addition, the penalty under Section 271(1)(c) could not stand.
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