Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Penalty u/s 271(1)(c) - Assessee filed return of income in response to notice u/s 148 - No difference between returned income and assessed income - Assessee voluntarily disclosed and paid tax on income during reassessment proceedings - Following jurisdictional High Court decisions, if assessee files correct income during reassessment and disclosure is accepted without adjustment, no penalty u/s 271(1)(c) is leviable - Decided in favor of assessee.
Penalty u/s 271(1)(c) - Assessee filed return of income in response to notice u/s 148 - No difference between returned income and assessed income - Assessee voluntarily disclosed and paid tax on income during reassessment proceedings - Following jurisdictional High Court decisions, if assessee files correct income during reassessment and disclosure is accepted without adjustment, no penalty u/s 271(1)(c) is leviable - Decided in favor of assessee.
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