Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
ITAT adjudicated a tax penalty case involving under-reported income. The tribunal upheld the lower appellate authority's order deleting penalty u/s 270A. Since the primary quantum addition related to section 80P deduction was eliminated, no substantial under-reported income was established. Consequently, the penalty could not be sustained. The revenue's appeal was dismissed, confirming that the prerequisite conditions for imposing penalty under section 270A were not satisfied based on the factual matrix presented.
ITAT adjudicated a tax penalty case involving under-reported income. The tribunal upheld the lower appellate authority's order deleting penalty u/s 270A. Since the primary quantum addition related to section 80P deduction was eliminated, no substantial under-reported income was established. Consequently, the penalty could not be sustained. The revenue's appeal was dismissed, confirming that the prerequisite conditions for imposing penalty under section 270A were not satisfied based on the factual matrix presented.
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