Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
ITAT held that penalty u/s 270A is unsustainable where deduction claim was made transparently based on existing legal interpretation prior to retrospective amendment. The assessee voluntarily surrendered the claim upon becoming aware of amendment and fully disclosed facts during assessment proceedings. No allegation of concealment or suppression existed. Relying on judicial precedent, the tribunal concluded that bona fide interpretation of law, even if subsequently found incorrect, does not attract penalty. The assessee's appeal was allowed, restricting penalty imposition.
ITAT held that penalty u/s 270A is unsustainable where deduction claim was made transparently based on existing legal interpretation prior to retrospective amendment. The assessee voluntarily surrendered the claim upon becoming aware of amendment and fully disclosed facts during assessment proceedings. No allegation of concealment or suppression existed. Relying on judicial precedent, the tribunal concluded that bona fide interpretation of law, even if subsequently found incorrect, does not attract penalty. The assessee's appeal was allowed, restricting penalty imposition.
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