SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Defective notice issued u/s 274 read with Section 271(1)(c) for levying penalty. The key points are: The phrases "conceal" and "furnishing of inaccurate particulars" in Section 271(1)(c) carry distinct meanings. Where penalty proceedings are initiated u/s 271(1)(c), the specific ground must be clearly spelled out to provide the assessee a proper opportunity for defense. Penalty proceedings being penal in nature, the charge must be unambiguous. The revenue cannot club both grounds of concealment and furnishing inaccurate particulars. Following judicial precedents, the Tribunal rightly held that the penalty levy u/s 271(1)(c) in the assessee's case was invalid due to the defective notice.
Defective notice issued u/s 274 read with Section 271(1)(c) for levying penalty. The key points are: The phrases "conceal" and "furnishing of inaccurate particulars" in Section 271(1)(c) carry distinct meanings. Where penalty proceedings are initiated u/s 271(1)(c), the specific ground must be clearly spelled out to provide the assessee a proper opportunity for defense. Penalty proceedings being penal in nature, the charge must be unambiguous. The revenue cannot club both grounds of concealment and furnishing inaccurate particulars. Following judicial precedents, the Tribunal rightly held that the penalty levy u/s 271(1)(c) in the assessee's case was invalid due to the defective notice.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4879 
