Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
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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