Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
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Assessee, a non-resident Indian, did not file return of income for AY 2014-15 as TDS on interest income from investment was deducted at 12.5% instead of 10% under India-UAE DTAA. Assessment order lacked direction or satisfaction for penalty proceedings u/s 271(1)(c). Case neither involved concealment nor furnishing inaccurate particulars of income as declared income was accepted. Assessee's belief of proper TDS deduction based on legitimate expectation accepted. Penalty proceedings unsustainable under law. Point determined in favor of assessee against revenue.
Assessee, a non-resident Indian, did not file return of income for AY 2014-15 as TDS on interest income from investment was deducted at 12.5% instead of 10% under India-UAE DTAA. Assessment order lacked direction or satisfaction for penalty proceedings u/s 271(1)(c). Case neither involved concealment nor furnishing inaccurate particulars of income as declared income was accepted. Assessee's belief of proper TDS deduction based on legitimate expectation accepted. Penalty proceedings unsustainable under law. Point determined in favor of assessee against revenue.
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