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Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
The assessee was penalized u/s 271(1)(c) for addition of sale consideration due to lack of vouchers. The CIT(A) partly confirmed the addition for want of vouchers. The assessee argued that no penalty is maintainable as the transaction was truly disclosed, and long-term capital gains were reported. The ITAT held that the CIT(A) restricted the addition after examining the evidence, indicating the assessee succeeded partially. The AO imposed the penalty solely for non-submission of supporting vouchers. Relying on the CAFCO SYNDICATE SHIPPING CO. case, the ITAT ruled that penalty cannot be imposed for non-furnishing evidence as it does not amount to concealment of income. Consequently, the penalty levied by the AO was deleted, and the assessee's grounds were allowed.
The assessee was penalized u/s 271(1)(c) for addition of sale consideration due to lack of vouchers. The CIT(A) partly confirmed the addition for want of vouchers. The assessee argued that no penalty is maintainable as the transaction was truly disclosed, and long-term capital gains were reported. The ITAT held that the CIT(A) restricted the addition after examining the evidence, indicating the assessee succeeded partially. The AO imposed the penalty solely for non-submission of supporting vouchers. Relying on the CAFCO SYNDICATE SHIPPING CO. case, the ITAT ruled that penalty cannot be imposed for non-furnishing evidence as it does not amount to concealment of income. Consequently, the penalty levied by the AO was deleted, and the assessee's grounds were allowed.
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