Statutory refund interest requires correction of short computation and compensation where admitted interest remains unpaid through administrative dela...
Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Page of 4805
Press 'Enter' after typing page number.
1101 to 1120 of 96092 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
ITAT allowed the appeals and directed deletion of penalties under ss. 271(1)(b) and 272A(1)(d), holding that non-compliance with notice under s. 142(1) was not deliberate but pursuant to legal advice and an application under s. 245D(1) to the ITSC, thereby constituting reasonable cause; s. 273B relief applied. The Tribunal further observed that subsequent quashing of assessments under ss. 153A/153C by the HC and remittance of the s. 245D(1) applications to the ITSC removed any basis for penalty. Consequentially, penalties confirmed by the CIT(A) were unjustified and deleted for all appellants; appeals allowed.
ITAT allowed the appeals and directed deletion of penalties under ss. 271(1)(b) and 272A(1)(d), holding that non-compliance with notice under s. 142(1) was not deliberate but pursuant to legal advice and an application under s. 245D(1) to the ITSC, thereby constituting reasonable cause; s. 273B relief applied. The Tribunal further observed that subsequent quashing of assessments under ss. 153A/153C by the HC and remittance of the s. 245D(1) applications to the ITSC removed any basis for penalty. Consequentially, penalties confirmed by the CIT(A) were unjustified and deleted for all appellants; appeals allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
