PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
ITAT dismissed Revenue's appeal against CIT(A)'s order canceling penalty under s.271(1)(c). Assessee's claim for Mine Reclamation Expenses, though disallowed, was based on bonafide belief of allowability under s.37(1) per Mineral Conservation Rules. AO erroneously concluded absence of explanation despite documented submissions. Assessee disclosed primary facts and demonstrated reasonable cause under s.273B. Additionally, penalty notice under s.274 cited furnishing inaccurate particulars, while final order penalized for concealment of income, rendering penalty legally unsustainable due to charge inconsistency. ITAT upheld that no penalty was warranted given disclosed facts and reasonable cause defense.
ITAT dismissed Revenue's appeal against CIT(A)'s order canceling penalty under s.271(1)(c). Assessee's claim for Mine Reclamation Expenses, though disallowed, was based on bonafide belief of allowability under s.37(1) per Mineral Conservation Rules. AO erroneously concluded absence of explanation despite documented submissions. Assessee disclosed primary facts and demonstrated reasonable cause under s.273B. Additionally, penalty notice under s.274 cited furnishing inaccurate particulars, while final order penalized for concealment of income, rendering penalty legally unsustainable due to charge inconsistency. ITAT upheld that no penalty was warranted given disclosed facts and reasonable cause defense.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
