Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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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