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...
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Interpretation of the term "otherwise" in Section 269SS of the Income Tax Act and the applicability of the penalty u/s 271D for accepting cash consideration on the sale of immovable property. The Tribunal applied the doctrine of "Ejusdem Generis" and held that the word "otherwise" should be interpreted narrowly and cannot include "sale consideration." The Tribunal found reasonable cause u/s 273B for the assessee's failure to comply with Section 269SS, considering the lack of intention to generate unaccounted money, disclosure of the cash receipt in the return, and the assessee's lack of knowledge about the legal provisions. The penalty u/s 271D was deleted in favor of the assessee.
Interpretation of the term "otherwise" in Section 269SS of the Income Tax Act and the applicability of the penalty u/s 271D for accepting cash consideration on the sale of immovable property. The Tribunal applied the doctrine of "Ejusdem Generis" and held that the word "otherwise" should be interpreted narrowly and cannot include "sale consideration." The Tribunal found reasonable cause u/s 273B for the assessee's failure to comply with Section 269SS, considering the lack of intention to generate unaccounted money, disclosure of the cash receipt in the return, and the assessee's lack of knowledge about the legal provisions. The penalty u/s 271D was deleted in favor of the assessee.
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