Compulsorily convertible debentures remain debt before conversion, preventing transfer-pricing and interest-deduction disallowances on the stated fact...
Stock-in-trade transfer taxability follows possession and consideration, not later conveyance registration, limiting deemed-value provisions to the ac...
Alternative statutory remedy under GST bars writ challenge where classification, notice variance, and hearing disputes require factual appellate revie...
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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TaxTMI 
TaxTMI 
of 4888 
