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Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
Acquiescence, homebuyer protection and clean-slate resolution principles prevent landowners from disrupting an integrated project through late termina...
ITAT adjudicated a tax penalty case concerning undisclosed turnover for AY 2019-20. The tribunal held that penalty u/s 270A cannot be levied when income is estimated and accepted by the Assessing Officer (AO). The tribunal emphasized that for penalty imposition, specific conditions must be strictly followed, and mere declaration of additional income does not automatically constitute misreporting. The AO failed to communicate specific grounds for penalty, violating principles of natural justice. The penalty is discretionary, and the primary onus lies on revenue to prove default. Given the assessee's bona fide disclosure and absence of adverse findings, the tribunal decided against revenue, effectively quashing the proposed penalty.
ITAT adjudicated a tax penalty case concerning undisclosed turnover for AY 2019-20. The tribunal held that penalty u/s 270A cannot be levied when income is estimated and accepted by the Assessing Officer (AO). The tribunal emphasized that for penalty imposition, specific conditions must be strictly followed, and mere declaration of additional income does not automatically constitute misreporting. The AO failed to communicate specific grounds for penalty, violating principles of natural justice. The penalty is discretionary, and the primary onus lies on revenue to prove default. Given the assessee's bona fide disclosure and absence of adverse findings, the tribunal decided against revenue, effectively quashing the proposed penalty.
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