Market value for captive electricity consumption follows industrial consumer tariffs, supporting profit computation for the power generation deduction...
Provisional release of seized imports requires enhanced duty payment, bank guarantee and disclosures while customs adjudication proceeds independently...
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The Supreme Court dismissed the appeal and concurred with the Delhi High Court's interpretation of Section 271AAA(2) of the Income Tax Act, 1961. The assessee had declared a surrendered amount as "additional income," which was accepted by the Revenue. However, the assessee failed to substantiate the manner in which the undisclosed income was derived as required u/s 271AAA(2). Consequently, the lower appellate authorities erred in holding that the conditions in Section 271AAA(2) were satisfied by the assessee, and the penalty u/s 271AAA(1) was upheld.
The Supreme Court dismissed the appeal and concurred with the Delhi High Court's interpretation of Section 271AAA(2) of the Income Tax Act, 1961. The assessee had declared a surrendered amount as "additional income," which was accepted by the Revenue. However, the assessee failed to substantiate the manner in which the undisclosed income was derived as required u/s 271AAA(2). Consequently, the lower appellate authorities erred in holding that the conditions in Section 271AAA(2) were satisfied by the assessee, and the penalty u/s 271AAA(1) was upheld.
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