Functional comparability governs selection of support-service and IT-enabled service comparables, with verification required for unresolved data and m...
Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
ITAT held that penalty u/s 271(1)(c) is not sustainable when assessee voluntarily revised ITR before notice u/s 153A and the additional income was accepted by AO without specific linkage to seized materials. The tribunal followed precedent establishing that revised return post-search takes place of original return, and higher income declaration does not automatically attract penalty. Appeal by assessee allowed, penalty deleted.
ITAT held that penalty u/s 271(1)(c) is not sustainable when assessee voluntarily revised ITR before notice u/s 153A and the additional income was accepted by AO without specific linkage to seized materials. The tribunal followed precedent establishing that revised return post-search takes place of original return, and higher income declaration does not automatically attract penalty. Appeal by assessee allowed, penalty deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
