Arrest safeguards require disclosed grounds, relative intimation and transit remand, while duplicate prosecution under the CGST framework is unsustain...
Document Identification Number defects can invalidate GST assessments, with delayed challenges entertained conditionally where patent irregularities e...
Windmill commissioning evidence supported higher depreciation where grid connection and electricity generation proved operational use before the relev...
Pharmaceutical promotion and transfer-pricing comparability principles limited disallowances, while uncorroborated search allegations and unsupported ...
Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
The ITAT Mumbai, in a case involving penalty u/s 271(1)(c) for estimation of income on bogus purchases, held that when additions are based on estimation, no penalty can be imposed. The CIT(A) had limited the disallowance to 17.5%, which was further reduced to 8% by the Tribunal. The Tribunal found that adhoc disallowance of purchases does not amount to furnishing inaccurate particulars of income. Citing M/s Nikunj Eximp Enterprises, the Tribunal directed the AO to delete the penalty, overturning the CIT(A)'s decision. The appeal was allowed in favor of the assessee based on facts, circumstances, and legal precedents.
The ITAT Mumbai, in a case involving penalty u/s 271(1)(c) for estimation of income on bogus purchases, held that when additions are based on estimation, no penalty can be imposed. The CIT(A) had limited the disallowance to 17.5%, which was further reduced to 8% by the Tribunal. The Tribunal found that adhoc disallowance of purchases does not amount to furnishing inaccurate particulars of income. Citing M/s Nikunj Eximp Enterprises, the Tribunal directed the AO to delete the penalty, overturning the CIT(A)'s decision. The appeal was allowed in favor of the assessee based on facts, circumstances, and legal precedents.
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