Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
ITAT held that initiation of penalty proceedings u/s 271DA for alleged contravention of s.269ST requires the assessing authority's recorded satisfaction to appear in the assessment order itself while analysing transactions, failing which limitation for initiation of penalty arises. The SC precedent was applied to require that even where an assessment is set aside and fresh assessment is framed de novo, the fresh assessment order must record the requisite satisfaction before invoking penalty u/s 271DA. Treating penalties u/s 271D and 271DA as pari materia in furtherance of cashless economy objectives, the Tribunal set aside penalty and decided the matter in favour of the assessee.
ITAT held that initiation of penalty proceedings u/s 271DA for alleged contravention of s.269ST requires the assessing authority's recorded satisfaction to appear in the assessment order itself while analysing transactions, failing which limitation for initiation of penalty arises. The SC precedent was applied to require that even where an assessment is set aside and fresh assessment is framed de novo, the fresh assessment order must record the requisite satisfaction before invoking penalty u/s 271DA. Treating penalties u/s 271D and 271DA as pari materia in furtherance of cashless economy objectives, the Tribunal set aside penalty and decided the matter in favour of the assessee.
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