Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
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The ITAT rejected the Revenue's appeal and held that the penalty u/s 271G was not exigible. The ITAT relied on the Bombay High Court's decision in Undercarriage and Tractor Parts (P.) Ltd. Vs. Dispute Resolution Panel, wherein the High Court had quashed the assessment order passed u/s 143(3) read with section 144C(13). The ITAT observed that the CIT(A) had failed to consider this High Court decision while allowing the assessee's penalty appeal. Since the Revenue did not bring any contrary decision of a Higher Forum, the ITAT held that the impugned penalty was not leviable and dismissed the Revenue's appeal.
The ITAT rejected the Revenue's appeal and held that the penalty u/s 271G was not exigible. The ITAT relied on the Bombay High Court's decision in Undercarriage and Tractor Parts (P.) Ltd. Vs. Dispute Resolution Panel, wherein the High Court had quashed the assessment order passed u/s 143(3) read with section 144C(13). The ITAT observed that the CIT(A) had failed to consider this High Court decision while allowing the assessee's penalty appeal. Since the Revenue did not bring any contrary decision of a Higher Forum, the ITAT held that the impugned penalty was not leviable and dismissed the Revenue's appeal.
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