Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
The ITAT Mumbai addressed two key issues in the case. Firstly, regarding the penalty u/s 271(1)(c), the tribunal held that the absence of a tick mark on the notice did not prejudice the assessee as they were fully aware of the reasons for penalty initiation. The tribunal emphasized that the assessee actively participated in the proceedings and responded to the notice adequately. Citing the Veena Textiles case, the tribunal dismissed the argument that the defective notice provided grounds for relief.Secondly, concerning the penalty imposed on the estimation of income from bogus purchases, the tribunal ruled in favor of the assessee. It highlighted that when additions are based on estimates, as in this case where a percentage of bogus purchases was added, penalty u/s 271(1)(c) is not sustainable. The tribunal noted that since the purchases were paid through legitimate channels and there were corresponding sales, applying an ad hoc GP rate on alleged bogus purchases does not warrant a p
The ITAT Mumbai addressed two key issues in the case. Firstly, regarding the penalty u/s 271(1)(c), the tribunal held that the absence of a tick mark on the notice did not prejudice the assessee as they were fully aware of the reasons for penalty initiation. The tribunal emphasized that the assessee actively participated in the proceedings and responded to the notice adequately. Citing the Veena Textiles case, the tribunal dismissed the argument that the defective notice provided grounds for relief.Secondly, concerning the penalty imposed on the estimation of income from bogus purchases, the tribunal ruled in favor of the assessee. It highlighted that when additions are based on estimates, as in this case where a percentage of bogus purchases was added, penalty u/s 271(1)(c) is not sustainable. The tribunal noted that since the purchases were paid through legitimate channels and there were corresponding sales, applying an ad hoc GP rate on alleged bogus purchases does not warrant a p
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