Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
The ITAT set aside the penalty under section 271(1)(c) imposed on the assessee for alleged concealment and furnishing of inaccurate income particulars. The assessee's claim of invoking the "owelty" principle to characterize received amounts as non-taxable was previously rejected in quantum proceedings; however, this does not automatically justify penalty imposition. The Tribunal held that penalty proceedings run parallel to assessment and mere disallowance or addition does not warrant penalty without deliberate concealment. Consequently, the impugned penalty was deleted, and the assessee's appeal was allowed.
The ITAT set aside the penalty under section 271(1)(c) imposed on the assessee for alleged concealment and furnishing of inaccurate income particulars. The assessee's claim of invoking the "owelty" principle to characterize received amounts as non-taxable was previously rejected in quantum proceedings; however, this does not automatically justify penalty imposition. The Tribunal held that penalty proceedings run parallel to assessment and mere disallowance or addition does not warrant penalty without deliberate concealment. Consequently, the impugned penalty was deleted, and the assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
