Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Penalty u/s 271(1)(c) was imposed for denying deduction u/s 80DD for a disabled person with over 80% disability. The assessee, a retired individual, had submitted required medical documents but the deduction was denied. The ITAT held that merely making an incorrect claim which is not substantiated does not attract penalty u/s 271(1)(c), relying on the Supreme Court's decision in Reliance Petro-products Private Limited. The assessee had earned interest income but brought it to tax during assessment proceedings. Considering the facts, circumstances, and assessee's explanation, the ITAT set aside the penalty order u/s 271(1)(c) and allowed the appeal, holding that the lower authorities erroneously treated the penalty as automatic without considering Section 273.
Penalty u/s 271(1)(c) was imposed for denying deduction u/s 80DD for a disabled person with over 80% disability. The assessee, a retired individual, had submitted required medical documents but the deduction was denied. The ITAT held that merely making an incorrect claim which is not substantiated does not attract penalty u/s 271(1)(c), relying on the Supreme Court's decision in Reliance Petro-products Private Limited. The assessee had earned interest income but brought it to tax during assessment proceedings. Considering the facts, circumstances, and assessee's explanation, the ITAT set aside the penalty order u/s 271(1)(c) and allowed the appeal, holding that the lower authorities erroneously treated the penalty as automatic without considering Section 273.
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