Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
The ITAT ruled that penalty under section 271(1)(c) cannot be imposed on additional income voluntarily disclosed by the assessee during survey proceedings and subsequently included in tax returns. The AO relied solely on assumptions without corroborative evidence that the assessee had concealed income. The Tribunal emphasized that penalty provisions must be construed strictly and cannot be based on surmises or conjectures. Since the assessee made complete disclosure in the return of income and surrendered the amount for taxation purposes, there was no actual concealment or non-disclosure warranting penalty. Explanations 5 and 5A to section 271(1) were deemed exceptions to the general rule. Appeal decided in favor of the assessee.
The ITAT ruled that penalty under section 271(1)(c) cannot be imposed on additional income voluntarily disclosed by the assessee during survey proceedings and subsequently included in tax returns. The AO relied solely on assumptions without corroborative evidence that the assessee had concealed income. The Tribunal emphasized that penalty provisions must be construed strictly and cannot be based on surmises or conjectures. Since the assessee made complete disclosure in the return of income and surrendered the amount for taxation purposes, there was no actual concealment or non-disclosure warranting penalty. Explanations 5 and 5A to section 271(1) were deemed exceptions to the general rule. Appeal decided in favor of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
