Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Page of 4798
Press 'Enter' after typing page number.
361 to 380 of 95955 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The ITAT dismissed the assessee's appeal, upholding the levy of penalty under s.271(1)(c) insofar as it relates to additions confirmed by the Tribunal; the assessee failed to demonstrate any error in the quantum of additions as upheld by CIT(A) and ITAT. The rectification under s.154 by DCIT, which granted carry-forward of past losses inadvertently omitted, did not constitute a computational mistake affecting the confirmed additions and therefore does not mitigate penalty exposure. Because no infirmity was shown in the appellate order, no recalibration of the penalty relative to the s.154 reduction was warranted and the impugned assessment and penalty stand affirmed.
The ITAT dismissed the assessee's appeal, upholding the levy of penalty under s.271(1)(c) insofar as it relates to additions confirmed by the Tribunal; the assessee failed to demonstrate any error in the quantum of additions as upheld by CIT(A) and ITAT. The rectification under s.154 by DCIT, which granted carry-forward of past losses inadvertently omitted, did not constitute a computational mistake affecting the confirmed additions and therefore does not mitigate penalty exposure. Because no infirmity was shown in the appellate order, no recalibration of the penalty relative to the s.154 reduction was warranted and the impugned assessment and penalty stand affirmed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
