Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The ITAT addressed penalty proceedings u/s 271(1)(c) involving alleged bogus purchases. Despite initial additions for estimated profits, the Tribunal found inconsistencies in penalty levy across assessment years. Applying the doctrine of binding precedent and referencing SC precedent in Reliance Petroproducts, the Tribunal held that a mere unsustainable claim does not automatically constitute furnishing inaccurate particulars. The Tribunal emphasized that without specific findings of incorrect or false return details, penalty imposition was unwarranted. Consequently, the appeals challenging penalty orders for AYs 2008-09 and 2009-10 were allowed, setting aside the CIT(A)'s earlier confirmations and maintaining consistency with the 2007-08 assessment year's order.
The ITAT addressed penalty proceedings u/s 271(1)(c) involving alleged bogus purchases. Despite initial additions for estimated profits, the Tribunal found inconsistencies in penalty levy across assessment years. Applying the doctrine of binding precedent and referencing SC precedent in Reliance Petroproducts, the Tribunal held that a mere unsustainable claim does not automatically constitute furnishing inaccurate particulars. The Tribunal emphasized that without specific findings of incorrect or false return details, penalty imposition was unwarranted. Consequently, the appeals challenging penalty orders for AYs 2008-09 and 2009-10 were allowed, setting aside the CIT(A)'s earlier confirmations and maintaining consistency with the 2007-08 assessment year's order.
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