Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
The penalty notice issued u/s 271(1)(c) of the Act was defective as it did not specify whether the penalty proceedings were initiated for concealment of income or furnishing of inaccurate particulars of income. When the charge is not specified in the notice, it is considered an omnibus notice. The Delhi High Court in the case of PCIT vs. Sahara India Life Insurance Co. Ltd. and the Bombay High Court in the case of Mr. Mohd. Farhan A. Shaikh (Full Bench) held that the penalty order passed without specifying the charge in the notice is liable to be quashed due to this fatal defect. Consequently, the penalty in this case is liable to be deleted in favor of the assessee.
The penalty notice issued u/s 271(1)(c) of the Act was defective as it did not specify whether the penalty proceedings were initiated for concealment of income or furnishing of inaccurate particulars of income. When the charge is not specified in the notice, it is considered an omnibus notice. The Delhi High Court in the case of PCIT vs. Sahara India Life Insurance Co. Ltd. and the Bombay High Court in the case of Mr. Mohd. Farhan A. Shaikh (Full Bench) held that the penalty order passed without specifying the charge in the notice is liable to be quashed due to this fatal defect. Consequently, the penalty in this case is liable to be deleted in favor of the assessee.
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