Functional comparability governs selection of support-service and IT-enabled service comparables, with verification required for unresolved data and m...
Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
The ITAT, an Appellate Tribunal, considered a case involving a penalty u/s 271(1)(c) for a difference in depreciation treatment of a biometric device. The issue was whether the device should be classified under 'Plant and Machinery' or 'Computer' block for depreciation. The ITAT found the claim was not false but a matter of interpretation. Merely disagreeing with the claim does not warrant a penalty if the assessee provided all relevant details. Citing a precedent from Reliance Petro Products Pvt. Ltd, the ITAT ruled in favor of the assessee, deleting the penalty imposed by the Assessing Officer.
The ITAT, an Appellate Tribunal, considered a case involving a penalty u/s 271(1)(c) for a difference in depreciation treatment of a biometric device. The issue was whether the device should be classified under 'Plant and Machinery' or 'Computer' block for depreciation. The ITAT found the claim was not false but a matter of interpretation. Merely disagreeing with the claim does not warrant a penalty if the assessee provided all relevant details. Citing a precedent from Reliance Petro Products Pvt. Ltd, the ITAT ruled in favor of the assessee, deleting the penalty imposed by the Assessing Officer.
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