Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Penalty proceedings u/s 270A - Applicable rate of penalty - The Appellate Tribunal noted that while the penalty notice cited under-reporting of income, the AO imposed the penalty under the provision related to misreporting of income. The Tribunal found that the AO's action of invoking the higher penalty rate for misreporting was not justified. It was established that the penalty for under-reporting and misreporting of income carried different rates under Section 270A of the Act. Therefore, the Tribunal concluded that the penalty should have been restricted to the rate applicable for under-reporting of income, which is 50%.
Penalty proceedings u/s 270A - Applicable rate of penalty - The Appellate Tribunal noted that while the penalty notice cited under-reporting of income, the AO imposed the penalty under the provision related to misreporting of income. The Tribunal found that the AO's action of invoking the higher penalty rate for misreporting was not justified. It was established that the penalty for under-reporting and misreporting of income carried different rates under Section 270A of the Act. Therefore, the Tribunal concluded that the penalty should have been restricted to the rate applicable for under-reporting of income, which is 50%.
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