Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Jurisdictional facts in certificate-of-origin discrepancies can support customs show-cause proceedings, leaving factual explanations for departmental ...
Pertaining to the levy of penalty u/s 271AAC(1), the Assessing Officer (AO) initially passed an order u/s 144, concluding the assessment on a best judgment basis and making an addition of Rs. 20 lakh to the assessee's total income at a special rate u/s 115BBE. However, upon perusal of the subsequent order passed pursuant to the Tribunal's directions, it was found that the AO accepted the total income declared by the assessee in its return of income, and no addition was made. Generally, the AO has the liberty to reconsider the levy of penalty, in accordance with the fresh assessment framed. Since in the present case, the assessee was assessed at the returned income in the second round of assessment proceedings, the penalty levied u/s 271AAC(1) was deemed unsustainable and quashed. Consequently, the impugned order was set aside, and the grounds raised by the assessee were allowed.
Pertaining to the levy of penalty u/s 271AAC(1), the Assessing Officer (AO) initially passed an order u/s 144, concluding the assessment on a best judgment basis and making an addition of Rs. 20 lakh to the assessee's total income at a special rate u/s 115BBE. However, upon perusal of the subsequent order passed pursuant to the Tribunal's directions, it was found that the AO accepted the total income declared by the assessee in its return of income, and no addition was made. Generally, the AO has the liberty to reconsider the levy of penalty, in accordance with the fresh assessment framed. Since in the present case, the assessee was assessed at the returned income in the second round of assessment proceedings, the penalty levied u/s 271AAC(1) was deemed unsustainable and quashed. Consequently, the impugned order was set aside, and the grounds raised by the assessee were allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
