Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
ITAT allowed the appeal in favour of the assessee and upheld the CIT(A)'s quashing of the penalty under s.271E. The Tribunal held the penalty order was time-barred under s.275(1)(c) since the limitation expired on 31.03.2023 but the penalty was imposed on 28.08.2023. Alternatively, the Tribunal found the transactions did not fall within the prohibitions of ss.269SS/269T and thus did not attract s.271E. The Tribunal also noted absence of requisite satisfaction recorded in the assessment order for initiating penalty proceedings, rendering any levy unsustainable. Consequently, the penalty was cancelled and the revenue's demand set aside.
ITAT allowed the appeal in favour of the assessee and upheld the CIT(A)'s quashing of the penalty under s.271E. The Tribunal held the penalty order was time-barred under s.275(1)(c) since the limitation expired on 31.03.2023 but the penalty was imposed on 28.08.2023. Alternatively, the Tribunal found the transactions did not fall within the prohibitions of ss.269SS/269T and thus did not attract s.271E. The Tribunal also noted absence of requisite satisfaction recorded in the assessment order for initiating penalty proceedings, rendering any levy unsustainable. Consequently, the penalty was cancelled and the revenue's demand set aside.
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