Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
The High Court quashed the penalty order u/s 271(1)(c) passed by the National Faceless Assessment Centre against the petitioner without providing an opportunity of hearing. The matter was remanded back to pass a fresh penalty order after granting an opportunity of hearing to the petitioner in accordance with law, as the Tribunal had already granted substantial relief to the petitioner on merits in the appeals filed by both parties.
The High Court quashed the penalty order u/s 271(1)(c) passed by the National Faceless Assessment Centre against the petitioner without providing an opportunity of hearing. The matter was remanded back to pass a fresh penalty order after granting an opportunity of hearing to the petitioner in accordance with law, as the Tribunal had already granted substantial relief to the petitioner on merits in the appeals filed by both parties.
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