Promissory note presumption of consideration survives blank-signature and income-tax non-disclosure objections when admissions and attesting evidence ...
Charitable registration cancellation: limitation and jurisdiction upheld, but withdrawal quashed under discontinued provisions for skill-development e...
Page of 4803
Press 'Enter' after typing page number.
1421 to 1440 of 96047 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The assessment order passed u/s 153C was erroneous and prejudicial to the Revenue's interest. The Assessing Officer initiated penalty proceedings u/s 271AAC instead of Section 271(1)(c). The order lacked recording of satisfaction that the assessee concealed income or furnished inaccurate particulars. Without such satisfaction recorded, the Principal Commissioner's revision u/s 263 is untenable, as per the Madras High Court's decision in Chennai Metro Rail Ltd. The authorities can levy penalty u/s 271(1) during assessment proceedings, but the revisionary power u/s 263 cannot be exercised to direct penalty initiation, creating uncertainty. The Tribunal relied on the Madras High Court's decisions in Chennai Metro Rail Ltd. and C.R.K. Swamy, setting aside the impugned revision order due to the absence of a finding on concealment or inaccurate particulars. The assessee's appeal was allowed.
The assessment order passed u/s 153C was erroneous and prejudicial to the Revenue's interest. The Assessing Officer initiated penalty proceedings u/s 271AAC instead of Section 271(1)(c). The order lacked recording of satisfaction that the assessee concealed income or furnished inaccurate particulars. Without such satisfaction recorded, the Principal Commissioner's revision u/s 263 is untenable, as per the Madras High Court's decision in Chennai Metro Rail Ltd. The authorities can levy penalty u/s 271(1) during assessment proceedings, but the revisionary power u/s 263 cannot be exercised to direct penalty initiation, creating uncertainty. The Tribunal relied on the Madras High Court's decisions in Chennai Metro Rail Ltd. and C.R.K. Swamy, setting aside the impugned revision order due to the absence of a finding on concealment or inaccurate particulars. The assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
