Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
ITAT ruled against penalty imposition under s.271AAB(1A)(b) at 60% rate. The tribunal emphasized that mere voluntary disclosure during search proceedings does not constitute 'undisclosed income' for penalty purposes. No incriminating materials were discovered during the search substantiating undisclosed assets in form of money, bullion, jewelry, or unrecorded transactions. The tribunal held that market adjustments claimed by assessee did not qualify as undisclosed income under Explanation (c) to s.271AAB. Penalty requires discovery of undisclosed income during search as a prerequisite condition. Voluntary offer to pay additional tax to avoid litigation cannot be basis for penalty. The ITAT directed AO to delete the penalty assessment.
ITAT ruled against penalty imposition under s.271AAB(1A)(b) at 60% rate. The tribunal emphasized that mere voluntary disclosure during search proceedings does not constitute 'undisclosed income' for penalty purposes. No incriminating materials were discovered during the search substantiating undisclosed assets in form of money, bullion, jewelry, or unrecorded transactions. The tribunal held that market adjustments claimed by assessee did not qualify as undisclosed income under Explanation (c) to s.271AAB. Penalty requires discovery of undisclosed income during search as a prerequisite condition. Voluntary offer to pay additional tax to avoid litigation cannot be basis for penalty. The ITAT directed AO to delete the penalty assessment.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
