Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
ITAT allowed the assessee's appeal and deleted penalty imposed u/s 271D for alleged violation of s. 269SS. The Tribunal found the impugned cash receipt formed part of the genuine sale consideration for land, was duly recorded in the books, immediately deposited in the bank, and fully disclosed to the tax authorities. There was no finding in the assessment or penalty orders that the transaction was not bona fide or that it was structured to evade tax. Holding that the cash was accepted under compulsion of the buyer at the time of registration, ITAT treated these circumstances as "reasonable cause" u/s 273B and held that penalty u/s 271D was not leviable.
ITAT allowed the assessee's appeal and deleted penalty imposed u/s 271D for alleged violation of s. 269SS. The Tribunal found the impugned cash receipt formed part of the genuine sale consideration for land, was duly recorded in the books, immediately deposited in the bank, and fully disclosed to the tax authorities. There was no finding in the assessment or penalty orders that the transaction was not bona fide or that it was structured to evade tax. Holding that the cash was accepted under compulsion of the buyer at the time of registration, ITAT treated these circumstances as "reasonable cause" u/s 273B and held that penalty u/s 271D was not leviable.
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