Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
ITAT deleted the impugned penalty under s.270A, holding that the assessee's reclassification of receipts from business income to long-term capital gains-premised on prevailing judicial decisions and a CBDT circular-did not constitute under-reporting or misreporting of income. The Tribunal found the charge insufficiently specified and concluded the factual and legal position favored the assessee, thereby allowing the effective grounds of appeal and quashing the penalty. The decision follows applicable precedent and resolves that no penalty liability arises where taxability was genuinely contested and determined in favour of capital gains treatment.
ITAT deleted the impugned penalty under s.270A, holding that the assessee's reclassification of receipts from business income to long-term capital gains-premised on prevailing judicial decisions and a CBDT circular-did not constitute under-reporting or misreporting of income. The Tribunal found the charge insufficiently specified and concluded the factual and legal position favored the assessee, thereby allowing the effective grounds of appeal and quashing the penalty. The decision follows applicable precedent and resolves that no penalty liability arises where taxability was genuinely contested and determined in favour of capital gains treatment.
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