Interactive flat panels meeting automatic data processing conditions are distinguished from monitors, while later classification clarifications apply ...
Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Page of 4788
Press 'Enter' after typing page number.
561 to 580 of 95749 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Disallowance made u/s 43B regarding expenses claimed by the assessee. There was confusion about which limb penalty is to be levied. The disallowance confirmed by the Tribunal u/s 43B is not due to concealment of income by the assessee, who filed all details pertaining to the claimed expenditure. However, certain expenditure could be allowed only on actual payment, leading to disallowance u/s 43B. Regarding the addition on increase in liability, the assessee provided confirmations, and there is no doubt about their veracity. Merely because the addition has been partly confirmed by the Tribunal cannot be a reason to levy penalty. The confirmations filed by the assessee were not verified by the Commissioner of Income Tax (Appeals). Levy of penalty is not a mechanical procedure and requires checks and balances. Additions sustained by the Tribunal is not a fit case to levy penalty u/s 271(1)(c). The assessee's appeal is allowed.
Disallowance made u/s 43B regarding expenses claimed by the assessee. There was confusion about which limb penalty is to be levied. The disallowance confirmed by the Tribunal u/s 43B is not due to concealment of income by the assessee, who filed all details pertaining to the claimed expenditure. However, certain expenditure could be allowed only on actual payment, leading to disallowance u/s 43B. Regarding the addition on increase in liability, the assessee provided confirmations, and there is no doubt about their veracity. Merely because the addition has been partly confirmed by the Tribunal cannot be a reason to levy penalty. The confirmations filed by the assessee were not verified by the Commissioner of Income Tax (Appeals). Levy of penalty is not a mechanical procedure and requires checks and balances. Additions sustained by the Tribunal is not a fit case to levy penalty u/s 271(1)(c). The assessee's appeal is allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
