Commission expenditure linked to pharmaceutical marketing income qualifies as business deduction when recipient identity, genuineness and business pur...
Country of Origin Certificates and declared transaction value supported preferential customs exemption where authenticity and invoice prices remained ...
The ITAT examined a penalty proceeding under section 270A involving interest rate discrepancies. The AO disallowed excess interest beyond 6% and the assessee acknowledged the disallowance while requesting penalty proceeding withdrawal. The tribunal held that making a claim deemed excessive by the AO does not constitute misrepresentation. Since the AO failed to specify the precise grounds under section 270A(9), the penalty levy was deemed untenable. The tribunal ultimately allowed the assessee's appeal, effectively quashing the penalty imposed by the AO.
The ITAT examined a penalty proceeding under section 270A involving interest rate discrepancies. The AO disallowed excess interest beyond 6% and the assessee acknowledged the disallowance while requesting penalty proceeding withdrawal. The tribunal held that making a claim deemed excessive by the AO does not constitute misrepresentation. Since the AO failed to specify the precise grounds under section 270A(9), the penalty levy was deemed untenable. The tribunal ultimately allowed the assessee's appeal, effectively quashing the penalty imposed by the AO.
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