Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
The ITAT reviewed a tax assessment case involving procedural penalty provisions. The Assessing Officer (AO) correctly applied Section 271AAC(1) in the reassessment order but erroneously issued a penalty notice under Section 271(1)(c). The tribunal held that the revisionary jurisdiction exercised by directing the AO to issue the correct penalty notice was legally valid. The tribunal found no procedural irregularity warranting interference and consequently dismissed the assessee's appeal, upholding the original order's substantive legal intent while mandating technical correction of the penalty notice.
The ITAT reviewed a tax assessment case involving procedural penalty provisions. The Assessing Officer (AO) correctly applied Section 271AAC(1) in the reassessment order but erroneously issued a penalty notice under Section 271(1)(c). The tribunal held that the revisionary jurisdiction exercised by directing the AO to issue the correct penalty notice was legally valid. The tribunal found no procedural irregularity warranting interference and consequently dismissed the assessee's appeal, upholding the original order's substantive legal intent while mandating technical correction of the penalty notice.
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