Anti-profiteering obligations survive business demerger, complaint withdrawal, and customized supply arrangements where rate-reduction benefits are no...
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 ...
ITAT held that penalty under s.270A was unsustainable and set aside because the AO, in the s.274 notice and penalty order, failed to specify the precise default-whether "under-reporting" or "under-reporting as a consequence of misreporting"-each attracting distinct penal consequences and rates; issuance of a notice alleging both distinct defaults rendered the proceedings void ab initio. Given the absence of identification of the exact charge, the penalty could not be validly levied. Accordingly, the assessee's appeal was allowed and the penalty order annulled.
ITAT held that penalty under s.270A was unsustainable and set aside because the AO, in the s.274 notice and penalty order, failed to specify the precise default-whether "under-reporting" or "under-reporting as a consequence of misreporting"-each attracting distinct penal consequences and rates; issuance of a notice alleging both distinct defaults rendered the proceedings void ab initio. Given the absence of identification of the exact charge, the penalty could not be validly levied. Accordingly, the assessee's appeal was allowed and the penalty order annulled.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
