Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
ITAT cancelled penalty under s271AAB as taxpayer's disclosure of Rs. 50 lakhs during search proceedings was voluntary and not connected to search findings. While valuables were found in locker 932A, no disclosure was made during locker search statement. Revenue's argument that disclosure occurred only due to search was rejected since Assessing Officer failed to correlate seized documents with the disclosed amount. The voluntary nature of disclosure, unconnected to search materials or discovered assets, meant it could not be classified as undisclosed income warranting penalty. ITAT held penalty was not sustainable as fundamental requirement of connecting disclosed income to search findings was not established.
ITAT cancelled penalty under s271AAB as taxpayer's disclosure of Rs. 50 lakhs during search proceedings was voluntary and not connected to search findings. While valuables were found in locker 932A, no disclosure was made during locker search statement. Revenue's argument that disclosure occurred only due to search was rejected since Assessing Officer failed to correlate seized documents with the disclosed amount. The voluntary nature of disclosure, unconnected to search materials or discovered assets, meant it could not be classified as undisclosed income warranting penalty. ITAT held penalty was not sustainable as fundamental requirement of connecting disclosed income to search findings was not established.
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