SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
The Appellate Tribunal found that the penalty was initiated u/s. 271DA instead of u/s. 271D, which led to confusion and violated the assessee's right to a fair hearing. The initiation of penalty under the wrong section was deemed arbitrary and against Article 14 of the Indian Constitution. The defective notice denied the assessee the opportunity to defend effectively. The Tribunal held that strict compliance with Sec. 274 of the Act is necessary for imposing penalties. Regarding the cash transactions exceeding Rs. 20,000, the Tribunal noted that the penalty was not justified as the assessee's explanations were not adequately addressed. The Tribunal also considered that the penalty notice was invalid, rendering the levied penalty unsustainable in law. The appeal by the assessee was allowed, and the penalty levied was ordered to be deleted.
The Appellate Tribunal found that the penalty was initiated u/s. 271DA instead of u/s. 271D, which led to confusion and violated the assessee's right to a fair hearing. The initiation of penalty under the wrong section was deemed arbitrary and against Article 14 of the Indian Constitution. The defective notice denied the assessee the opportunity to defend effectively. The Tribunal held that strict compliance with Sec. 274 of the Act is necessary for imposing penalties. Regarding the cash transactions exceeding Rs. 20,000, the Tribunal noted that the penalty was not justified as the assessee's explanations were not adequately addressed. The Tribunal also considered that the penalty notice was invalid, rendering the levied penalty unsustainable in law. The appeal by the assessee was allowed, and the penalty levied was ordered to be deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4883 
