Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
The SC dismissed the review petition challenging the quashing of criminal proceedings under Section 276CC related to the non-filing of income tax returns for AY 2012-2013. The petitioner had filed a revised return, and penalty proceedings were dropped, resulting in an ordered refund. The Court found no error apparent in the prior order quashing the criminal case, deeming continuation of proceedings unnecessary. Consequently, the criminal proceedings against the appellant under Section 276CC remain quashed, and the review petition was dismissed.
The SC dismissed the review petition challenging the quashing of criminal proceedings under Section 276CC related to the non-filing of income tax returns for AY 2012-2013. The petitioner had filed a revised return, and penalty proceedings were dropped, resulting in an ordered refund. The Court found no error apparent in the prior order quashing the criminal case, deeming continuation of proceedings unnecessary. Consequently, the criminal proceedings against the appellant under Section 276CC remain quashed, and the review petition was dismissed.
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