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...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
Acquiescence, homebuyer protection and clean-slate resolution principles prevent landowners from disrupting an integrated project through late termina...
The Tribunal upheld the penalty imposed u/ss 271(1)(c) and 271AAB of the Income Tax Act for additional income brought to tax owing to a search and seizure action. The Tribunal observed that the income was assessed based on material seized during the search, supported by a declaration u/s 131. The assessee's contention of voluntary surrender was rejected, as the additional income came to light solely due to the search action. The Tribunal relied on Supreme Court precedents, including MAK Data Pvt Ltd and K P Madhusudan, which established that penalty is leviable when income is finally assessed higher than the returned income, irrespective of whether the variation arose from voluntary surrender or otherwise. Accordingly, the Tribunal set aside the CIT(A)'s orders for the relevant assessment years and restored the penalty orders.
The Tribunal upheld the penalty imposed u/ss 271(1)(c) and 271AAB of the Income Tax Act for additional income brought to tax owing to a search and seizure action. The Tribunal observed that the income was assessed based on material seized during the search, supported by a declaration u/s 131. The assessee's contention of voluntary surrender was rejected, as the additional income came to light solely due to the search action. The Tribunal relied on Supreme Court precedents, including MAK Data Pvt Ltd and K P Madhusudan, which established that penalty is leviable when income is finally assessed higher than the returned income, irrespective of whether the variation arose from voluntary surrender or otherwise. Accordingly, the Tribunal set aside the CIT(A)'s orders for the relevant assessment years and restored the penalty orders.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
