Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Penalties levied u/ss 271D and 271E were challenged. The assessee was found to have violated Sections 269SS and 269T. However, there was no concrete finding that the assessee accepted loans or repaid them in violation of these sections. The Revenue's only evidence was the statement of the Director of Sudama Resorts, whose cheques were found with the assessee. The assessee sought cross-examination of the Director, which was not granted by the Assessing Officer. This statement lacks evidentiary value as per the Supreme Court's ruling in Andaman Timber Industries. Moreover, the Director of Sudama Resorts had surrendered income related to the cheques found during the search. There was no clear finding based on authentic evidence that the assessee violated Sections 269SS and 269T. Therefore, the penalties u/ss 271D and 271E were not applicable, following the ITAT Pune's decision in Sneh Builders. The assessee's appeals were allowed.
Penalties levied u/ss 271D and 271E were challenged. The assessee was found to have violated Sections 269SS and 269T. However, there was no concrete finding that the assessee accepted loans or repaid them in violation of these sections. The Revenue's only evidence was the statement of the Director of Sudama Resorts, whose cheques were found with the assessee. The assessee sought cross-examination of the Director, which was not granted by the Assessing Officer. This statement lacks evidentiary value as per the Supreme Court's ruling in Andaman Timber Industries. Moreover, the Director of Sudama Resorts had surrendered income related to the cheques found during the search. There was no clear finding based on authentic evidence that the assessee violated Sections 269SS and 269T. Therefore, the penalties u/ss 271D and 271E were not applicable, following the ITAT Pune's decision in Sneh Builders. The assessee's appeals were allowed.
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