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...
Initiation of penalty proceedings u/s 271C and the limitation period for levying such penalty. The key points are: The penalty proceedings were initiated on the date of receipt of the reference for penalty proceedings (25.09.2014) and not on the date of issuance of the show cause notice (04.08.2014). The reference marked the first step for initiating penalty action, while the show cause notice provided an opportunity to the assessee to explain. The word 'initiated' means to begin, commence, or set in motion, as per dictionary meanings cited. The Supreme Court decision in Om Prakash Jaiswal v. D.K. Mittal was referred to for interpreting the expression 'initiate any proceedings'. Since the penalty order was passed beyond the limitation period from the date of initiation (25.09.2014), it was barred by limitation. The High Court upheld the Tribunal's decision in favor of the assessee.
Initiation of penalty proceedings u/s 271C and the limitation period for levying such penalty. The key points are: The penalty proceedings were initiated on the date of receipt of the reference for penalty proceedings (25.09.2014) and not on the date of issuance of the show cause notice (04.08.2014). The reference marked the first step for initiating penalty action, while the show cause notice provided an opportunity to the assessee to explain. The word 'initiated' means to begin, commence, or set in motion, as per dictionary meanings cited. The Supreme Court decision in Om Prakash Jaiswal v. D.K. Mittal was referred to for interpreting the expression 'initiate any proceedings'. Since the penalty order was passed beyond the limitation period from the date of initiation (25.09.2014), it was barred by limitation. The High Court upheld the Tribunal's decision in favor of the assessee.
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