Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
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Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
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Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
ITAT upheld CIT(A)'s order, rejecting revenue's penalty claim under section 270A against a charitable trust. The tribunal found no conditions met for penalty imposition, noting the assessee voluntarily filed a revised computation with corrected revenue expenditure. The tribunal determined the excess expenditure claim was within the statutory 15% limit under section 11(1)(a), and the discrepancy did not constitute a deliberate attempt to under-report income. Consequently, the penalty was deleted, and the decision was rendered in favor of the assessee.
ITAT upheld CIT(A)'s order, rejecting revenue's penalty claim under section 270A against a charitable trust. The tribunal found no conditions met for penalty imposition, noting the assessee voluntarily filed a revised computation with corrected revenue expenditure. The tribunal determined the excess expenditure claim was within the statutory 15% limit under section 11(1)(a), and the discrepancy did not constitute a deliberate attempt to under-report income. Consequently, the penalty was deleted, and the decision was rendered in favor of the assessee.
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