Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
The ITAT upheld the CIT(A)'s decision to set aside the penalty imposed under Section 43 of the Black Money Act for failure to disclose foreign assets. Despite the appellant's argument that quantum assessment proceedings differ from penalty proceedings, the Tribunal agreed with the CIT(A) that a revised return replaces the original ITR. The ITAT confirmed that when the assessee disclosed foreign assets through a revised return (albeit after search action), this disclosure was sufficient to justify setting aside the penalty for AY 2017-18. The Tribunal noted that while the CIT(A) should have first addressed whether disclosure in Schedule FA was required, the decision to cancel the penalty was ultimately correct. Appeal decided against revenue.
The ITAT upheld the CIT(A)'s decision to set aside the penalty imposed under Section 43 of the Black Money Act for failure to disclose foreign assets. Despite the appellant's argument that quantum assessment proceedings differ from penalty proceedings, the Tribunal agreed with the CIT(A) that a revised return replaces the original ITR. The ITAT confirmed that when the assessee disclosed foreign assets through a revised return (albeit after search action), this disclosure was sufficient to justify setting aside the penalty for AY 2017-18. The Tribunal noted that while the CIT(A) should have first addressed whether disclosure in Schedule FA was required, the decision to cancel the penalty was ultimately correct. Appeal decided against revenue.
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TaxTMI 
TaxTMI 
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