Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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 
