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...
The ITAT held that the penalty under section 271(1)(c) for furnishing inaccurate particulars of income was not leviable as the assessee rectified the inadvertent erroneous claim of deduction under section 54F by filing a revised computation during assessment proceedings, demonstrating bona fide intent. The tribunal distinguished between concealment of income and furnishing inaccurate particulars, noting the AO initiated penalty proceedings for concealment but levied penalty for inaccurate particulars without proper satisfaction or notice under that limb. This procedural inconsistency rendered the penalty unsustainable. Consequently, the penalty imposed under section 271(1)(c) was deleted, and the assessee's appeal was allowed.
The ITAT held that the penalty under section 271(1)(c) for furnishing inaccurate particulars of income was not leviable as the assessee rectified the inadvertent erroneous claim of deduction under section 54F by filing a revised computation during assessment proceedings, demonstrating bona fide intent. The tribunal distinguished between concealment of income and furnishing inaccurate particulars, noting the AO initiated penalty proceedings for concealment but levied penalty for inaccurate particulars without proper satisfaction or notice under that limb. This procedural inconsistency rendered the penalty unsustainable. Consequently, the penalty imposed under section 271(1)(c) was deleted, and the assessee's appeal was allowed.
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