Road restoration charges constitute taxable services when requested for commercial pipeline activity, requiring reverse-charge GST from the business r...
Interest on delayed release of requisitioned cash includes statutory pre-assessment interest and restitutionary compensation for unlawful post-assessm...
Incomplete inventory records justify rejecting accounts, while profit estimation requires relevant comparable material and interest falls under other ...
Transfer-pricing comparability requires functional alignment; delayed associated-enterprise receivables need separate LIBOR-based benchmarking, while ...
Extended reassessment limitation in search cases requires asset-linked escaped income, invalidating additions based only on unexplained money or expen...
Enhanced tolerance band under section 43CA applies retrospectively, deleting qualifying deemed-sale additions while disputed stamp valuation requires ...
The ITAT held that the penalty proceedings under section 271C were time-barred as the penalty order was passed beyond the six-month limitation period prescribed under section 275(1)(c) from the date the AO referred the matter to the Addl. CIT. Since the reference was made on 10.10.2016, the penalty order issued thereafter exceeded the statutory limitation period. Consequently, the penalty order was quashed as being invalid and barred by limitation. The appeals filed by the assessee were allowed accordingly.
The ITAT held that the penalty proceedings under section 271C were time-barred as the penalty order was passed beyond the six-month limitation period prescribed under section 275(1)(c) from the date the AO referred the matter to the Addl. CIT. Since the reference was made on 10.10.2016, the penalty order issued thereafter exceeded the statutory limitation period. Consequently, the penalty order was quashed as being invalid and barred by limitation. The appeals filed by the assessee were allowed accordingly.
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TaxTMI 
TaxTMI 
of 4921 
