Service permanent establishment requires non-auxiliary services, while arm's-length distributor remuneration precludes further profit attribution in I...
Make-available condition excludes standard SaaS subscription receipts where customers receive no independently usable technical knowledge after subscr...
Anonymous donation classification fails where charitable trusts maintain undisputed donor identity records and evidence corpus contributions' intended...
Transfer pricing method selection favours TNMM where medical-equipment distribution involves substantial post-import value addition and operational ri...
Post-export shipping bill conversion remains available where contemporaneous evidence supports EPCG benefits despite curable procedural omissions and ...
The ITAT Mumbai upheld the levy of penalty u/s 271(1)(c) for bogus LTCG. Exemption u/s 10(38) denied as revised income declaration was not voluntary but in response to u/s 148 notice. Citing MAK Data case, voluntary disclosure doesn't prevent penal proceedings. Assessee failed to provide evidence for share transaction genuineness. Additional income declared only after u/s 148 notice, not voluntarily. No merit in argument that penalty cannot be imposed as returned and assessed income are same. Penalty upheld as bogus LTCG was claimed exempt initially. Assessee's appeal dismissed.
The ITAT Mumbai upheld the levy of penalty u/s 271(1)(c) for bogus LTCG. Exemption u/s 10(38) denied as revised income declaration was not voluntary but in response to u/s 148 notice. Citing MAK Data case, voluntary disclosure doesn't prevent penal proceedings. Assessee failed to provide evidence for share transaction genuineness. Additional income declared only after u/s 148 notice, not voluntarily. No merit in argument that penalty cannot be imposed as returned and assessed income are same. Penalty upheld as bogus LTCG was claimed exempt initially. Assessee's appeal dismissed.
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