Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Jurisdictional facts in certificate-of-origin discrepancies can support customs show-cause proceedings, leaving factual explanations for departmental ...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
