Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Levy of penalty u/s 271(1)(c) - claim of incorrect deduction u/s 80GGA - The Appellate Tribunal analyzed the timeline of events and noted that the assessee had voluntarily offered the disputed deductions for taxation before the initiation of reassessment proceedings. It was observed that the assessee had withdrawn the claims of deductions and paid the necessary taxes well before the notice under section 148 of the Act was issued. The Tribunal found no basis in the findings of the lower authorities that there was concealment of income on the part of the assessee. Consequently, the Tribunal found no justification for the imposition of penalties u/s 271(1)(c) of the Act and proceeded to delete the penalties for both assessment years.
Levy of penalty u/s 271(1)(c) - claim of incorrect deduction u/s 80GGA - The Appellate Tribunal analyzed the timeline of events and noted that the assessee had voluntarily offered the disputed deductions for taxation before the initiation of reassessment proceedings. It was observed that the assessee had withdrawn the claims of deductions and paid the necessary taxes well before the notice under section 148 of the Act was issued. The Tribunal found no basis in the findings of the lower authorities that there was concealment of income on the part of the assessee. Consequently, the Tribunal found no justification for the imposition of penalties u/s 271(1)(c) of the Act and proceeded to delete the penalties for both assessment years.
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