Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Penalty u/s 271(1)(c) was imposed for excess deduction claimed u/s 10B. The assessee furnished all relevant facts for computing total income, and provided detailed explanations regarding the claim u/s 10B, including the number of manufacturing divisions, bifurcation of expenditure, and availability of carried forward losses. The explanation was not found false, and the onus to prove falsity lies on the revenue. The claim was an allowable deduction, though the quantum was reworked by the Assessing Officer using different arithmetic. All details and justifications were provided in the return itself. The amount of tax sought to be evaded under explanation 1 to section 271(1)(c) was indeterminable for imposing penalty. The assessee's decision to not appeal the reduction of claim does not imply lack of bona fides. The CIT(A) rightly deleted the penalty, and no interference is warranted.
Penalty u/s 271(1)(c) was imposed for excess deduction claimed u/s 10B. The assessee furnished all relevant facts for computing total income, and provided detailed explanations regarding the claim u/s 10B, including the number of manufacturing divisions, bifurcation of expenditure, and availability of carried forward losses. The explanation was not found false, and the onus to prove falsity lies on the revenue. The claim was an allowable deduction, though the quantum was reworked by the Assessing Officer using different arithmetic. All details and justifications were provided in the return itself. The amount of tax sought to be evaded under explanation 1 to section 271(1)(c) was indeterminable for imposing penalty. The assessee's decision to not appeal the reduction of claim does not imply lack of bona fides. The CIT(A) rightly deleted the penalty, and no interference is warranted.
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