Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
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.
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