Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
The HC dismissed the challenge, holding that the assessee had disclosed acquisition of the foreign asset in the original returns for AY 2012-13 and 2013-14 and in the return filed under s.153A prior to issuance of any penalty notice; books of account corroborated the disclosure. Applying the principle that a return filed under s.153A qualifies as a return for purposes of s.139(1), the tribunal and commissioner correctly concluded there was no failure to disclose and that imposition of the Rs.10 lakh penalty was not warranted on account of a remediable technical formatting defect. No substantial question of law arises.
The HC dismissed the challenge, holding that the assessee had disclosed acquisition of the foreign asset in the original returns for AY 2012-13 and 2013-14 and in the return filed under s.153A prior to issuance of any penalty notice; books of account corroborated the disclosure. Applying the principle that a return filed under s.153A qualifies as a return for purposes of s.139(1), the tribunal and commissioner correctly concluded there was no failure to disclose and that imposition of the Rs.10 lakh penalty was not warranted on account of a remediable technical formatting defect. No substantial question of law arises.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
