Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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HC affirmed penalty proceedings under s271D were time-barred due to procedural delays. Initial reference by ITO on 16.11.2016 was followed by Show Cause Notice from Additional CIT only on 10.11.2017, with final penalty order issued on 22.02.2018. This exceeded statutory limitation period from reference date. Revenue provided no justification for delayed issuance of show cause notice. Court rejected Revenue's reliance on TAM TAM precedent as fact-specific, distinguishing it from present case. Tribunal's order upheld, finding proceedings initiated beyond limitation period invalid. Questions of law resolved in assessee's favor, invalidating penalty imposed for s269SS violations.
HC affirmed penalty proceedings under s271D were time-barred due to procedural delays. Initial reference by ITO on 16.11.2016 was followed by Show Cause Notice from Additional CIT only on 10.11.2017, with final penalty order issued on 22.02.2018. This exceeded statutory limitation period from reference date. Revenue provided no justification for delayed issuance of show cause notice. Court rejected Revenue's reliance on TAM TAM precedent as fact-specific, distinguishing it from present case. Tribunal's order upheld, finding proceedings initiated beyond limitation period invalid. Questions of law resolved in assessee's favor, invalidating penalty imposed for s269SS violations.
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