Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
The Appellate Tribunal held that the penalty imposed u/s 272A(1)(d) for non-compliance with notices u/s 142(1) was not legally valid. The Assessing Officer failed to prove actual service of notices u/s 142(1), and willful default by the assessee could not be established. The Tribunal observed that separate penalty proceedings should have been initiated for each failure, instead of a consolidated penalty order. In the absence of proof of service, the penalty was deleted, and the assessee's appeal was allowed.
The Appellate Tribunal held that the penalty imposed u/s 272A(1)(d) for non-compliance with notices u/s 142(1) was not legally valid. The Assessing Officer failed to prove actual service of notices u/s 142(1), and willful default by the assessee could not be established. The Tribunal observed that separate penalty proceedings should have been initiated for each failure, instead of a consolidated penalty order. In the absence of proof of service, the penalty was deleted, and the assessee's appeal was allowed.
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