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...
Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
The High Court addressed penalty u/s 43 of the Value Added Tax Act for unrecorded transactions. The Tribunal found Mobile Unit did not enter trader's premises for business activities, so no violation u/s 43(3) occurred. Assessee claimed family dispute led to keeping accounts at home, but provided no evidence. Counsel argued assessment order showed no VAT Act contravention, seeking penalty reduction to 20% from 40%. Court held evasion of tax without maintaining account books for goods entry in truck doesn't excuse penalty. As revisionist paid penalty under protest, no basis to reduce it. Court upheld Tribunal's decision, dismissing the revision.
The High Court addressed penalty u/s 43 of the Value Added Tax Act for unrecorded transactions. The Tribunal found Mobile Unit did not enter trader's premises for business activities, so no violation u/s 43(3) occurred. Assessee claimed family dispute led to keeping accounts at home, but provided no evidence. Counsel argued assessment order showed no VAT Act contravention, seeking penalty reduction to 20% from 40%. Court held evasion of tax without maintaining account books for goods entry in truck doesn't excuse penalty. As revisionist paid penalty under protest, no basis to reduce it. Court upheld Tribunal's decision, dismissing the revision.
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