Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
The ITAT held that the penalty under section 271(1)(c) for furnishing inaccurate particulars of income was unsustainable where the assessee voluntarily disclosed additional income in returns filed under section 148 during assessment proceedings. The Tribunal observed absence of incriminating evidence or suppression, acceptance of revised returns by the AO without adverse inference, and reliance on precedents affirming that mere surrender of income or disallowance without concealment does not attract penalty. Furthermore, the AO failed to record satisfaction under either limb of section 271(1)(c), rendering the penalty proceedings invalid. Consequently, the penalty imposed for all five assessment years was quashed and the assessee's appeal allowed.
The ITAT held that the penalty under section 271(1)(c) for furnishing inaccurate particulars of income was unsustainable where the assessee voluntarily disclosed additional income in returns filed under section 148 during assessment proceedings. The Tribunal observed absence of incriminating evidence or suppression, acceptance of revised returns by the AO without adverse inference, and reliance on precedents affirming that mere surrender of income or disallowance without concealment does not attract penalty. Furthermore, the AO failed to record satisfaction under either limb of section 271(1)(c), rendering the penalty proceedings invalid. Consequently, the penalty imposed for all five assessment years was quashed and the assessee's appeal allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
