Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
Administrative fraud classification suspension does not halt independent criminal investigation or warrant-based searches into alleged economic offenc...
Levy of penalty u/s. 271(1)(c) - disallowance made u/s. 35(2AB) - The Tribunal referred to the decision of the Hon’ble Supreme Court in the case of CIT vs. Reliance Petroproducts Pvt. Ltd., where it was held that the term 'particulars' under section 271(1)(c) includes the details of the claim made. In the absence of any incorrect or inaccurate information provided in the return, penalty cannot be imposed for furnishing inaccurate particulars. - Since the DSIR approval was not available to the assessee at the time of filing the return, any subsequent restriction on the deduction claimed cannot be considered as furnishing inaccurate particulars of income.
Levy of penalty u/s. 271(1)(c) - disallowance made u/s. 35(2AB) - The Tribunal referred to the decision of the Hon’ble Supreme Court in the case of CIT vs. Reliance Petroproducts Pvt. Ltd., where it was held that the term 'particulars' under section 271(1)(c) includes the details of the claim made. In the absence of any incorrect or inaccurate information provided in the return, penalty cannot be imposed for furnishing inaccurate particulars. - Since the DSIR approval was not available to the assessee at the time of filing the return, any subsequent restriction on the deduction claimed cannot be considered as furnishing inaccurate particulars of income.
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