Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
ITAT allowed the appeal and upheld the deletion of penalty under s.271(1)(c). The Tribunal held that for assessing concealment or furnishing inaccurate particulars the return filed under s.153A must be the reference point where additional income is disclosed in that return and accepted by the AO without variation. Since the appellant voluntarily disclosed additional income in the s.153A return and no incriminating/seized material supported that addition, there was no concealment with reference to the s.153A return; consequently the penalty was unwarranted. Earlier conflicting authority was held distinguishable on facts, and the appellate authority's deletion of the penalty was sustained.
ITAT allowed the appeal and upheld the deletion of penalty under s.271(1)(c). The Tribunal held that for assessing concealment or furnishing inaccurate particulars the return filed under s.153A must be the reference point where additional income is disclosed in that return and accepted by the AO without variation. Since the appellant voluntarily disclosed additional income in the s.153A return and no incriminating/seized material supported that addition, there was no concealment with reference to the s.153A return; consequently the penalty was unwarranted. Earlier conflicting authority was held distinguishable on facts, and the appellate authority's deletion of the penalty was sustained.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
