Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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.
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