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...
ITAT allowed the appeal and set aside the penalty under s. 271(1)(c), holding that the assessee had substantiated the claimed deduction for transfer expense and cost of improvement with vouchers and evidence of commission payment, while the AO failed to make enquiries or produce any material to rebut those particulars. In the absence of any evidence demonstrating that the particulars of income or expenses were inaccurate or that the assessee furnished false particulars, imposition of penalty was unjustified. Consequently, penalty proceedings were quashed and the assessment stands without the levy of s. 271(1)(c) penalty.
ITAT allowed the appeal and set aside the penalty under s. 271(1)(c), holding that the assessee had substantiated the claimed deduction for transfer expense and cost of improvement with vouchers and evidence of commission payment, while the AO failed to make enquiries or produce any material to rebut those particulars. In the absence of any evidence demonstrating that the particulars of income or expenses were inaccurate or that the assessee furnished false particulars, imposition of penalty was unjustified. Consequently, penalty proceedings were quashed and the assessment stands without the levy of s. 271(1)(c) penalty.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
