Revenue authority mandates using scheme-specific reversal procedures, not revising original entries, for instrument-based trade/customs benefits effec...
Transaction value under s.15(1) governs unrelated sales; valuation between related parties per Rule 28; consignment note required for unregistered rec...
ITAT allowed the appeal and deleted the penalty levied under s. 270A(9) against the assessee, holding that the impugned disallowance related solely to an erroneous calculation of deduction under s. 54F rather than misrepresentation or suppression of facts. The Tribunal found that the assessee had disclosed the capital gains and the investment facts, and neither the AO nor the CIT(A) identified any specific instance within sub-s. (9) of s. 270A that was satisfied. Consequently, the penalty for mis-reporting was unsustainable as a matter of law and was set aside, with the appeal of the assessee being allowed.
ITAT allowed the appeal and deleted the penalty levied under s. 270A(9) against the assessee, holding that the impugned disallowance related solely to an erroneous calculation of deduction under s. 54F rather than misrepresentation or suppression of facts. The Tribunal found that the assessee had disclosed the capital gains and the investment facts, and neither the AO nor the CIT(A) identified any specific instance within sub-s. (9) of s. 270A that was satisfied. Consequently, the penalty for mis-reporting was unsustainable as a matter of law and was set aside, with the appeal of the assessee being allowed.
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