Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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 4827 
Join Channel 
