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...
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.
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