Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
HC ruled on penalty u/s 271(1)(c) regarding book profit discrepancies. The court found that the assessee, a government entity, voluntarily disclosed income mismatches before scrutiny assessment. The Tax Audit Report was correctly filed and uploaded on the Income Tax Portal. The revenue authority did not allege income concealment. The mismatch was attributed to a data transmission error without malafide intent. The Commissioner of Income Tax (Appeals) deleted the penalty, determining the discrepancy was an inadvertent mistake. The HC upheld the appellate order, deciding in favor of the assessee and dismissing the penalty proceedings.
HC ruled on penalty u/s 271(1)(c) regarding book profit discrepancies. The court found that the assessee, a government entity, voluntarily disclosed income mismatches before scrutiny assessment. The Tax Audit Report was correctly filed and uploaded on the Income Tax Portal. The revenue authority did not allege income concealment. The mismatch was attributed to a data transmission error without malafide intent. The Commissioner of Income Tax (Appeals) deleted the penalty, determining the discrepancy was an inadvertent mistake. The HC upheld the appellate order, deciding in favor of the assessee and dismissing the penalty proceedings.
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