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 held that the revised return operated as a substitution for the original return and, as the AO assessed income identical to the revised return and accepted the assessee's explanations, there was no concealment or furnishing of inaccurate particulars; accordingly penalty under s.271(1)(c) could not be levied. The tribunal reversed the penalty order, finding that once tax was recovered on the revised return and no material demonstrated falsehood or suppression in the particulars furnished, the statutory requirement for imposing penalty was not satisfied. Appeal allowed and penalty set aside.
ITAT held that the revised return operated as a substitution for the original return and, as the AO assessed income identical to the revised return and accepted the assessee's explanations, there was no concealment or furnishing of inaccurate particulars; accordingly penalty under s.271(1)(c) could not be levied. The tribunal reversed the penalty order, finding that once tax was recovered on the revised return and no material demonstrated falsehood or suppression in the particulars furnished, the statutory requirement for imposing penalty was not satisfied. Appeal allowed and penalty set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
