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 affirmed deletion of penalty under s.271(1)(c), holding that acceptance of a s.35D deduction in an initial year, as upheld by SC precedent, precludes denial in subsequent years and that an unsustainable tax position does not ipso facto constitute furnishing inaccurate particulars. The Tribunal applied the principle that penal liability under s.271(1)(c) requires factual proof of incorrect, erroneous or false particulars in the return, not merely an arguable or unsuccessful claim of deduction. On this basis the CIT(A)'s deletion of the penalty was upheld and the appeal by the Revenue was dismissed.
ITAT affirmed deletion of penalty under s.271(1)(c), holding that acceptance of a s.35D deduction in an initial year, as upheld by SC precedent, precludes denial in subsequent years and that an unsustainable tax position does not ipso facto constitute furnishing inaccurate particulars. The Tribunal applied the principle that penal liability under s.271(1)(c) requires factual proof of incorrect, erroneous or false particulars in the return, not merely an arguable or unsuccessful claim of deduction. On this basis the CIT(A)'s deletion of the penalty was upheld and the appeal by the Revenue was dismissed.
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