Money laundering property attachment and third-party encumbrance rights clarified; prior bona fide interests enforceable before confiscation, appeals ...
Profiteering in construction services for failure to pass input tax credit resulted in repayment exceeding the commensurate benefit and closure of pro...
ITAT held that repeated non-compliances of multiple notices issued u/s 142(1) on the same subject constitute a single default for purposes of penalty u/s 271(1)(b). Accepting the assessee's plea, the Tribunal ruled that successive notices seeking identical information do not multiply the default. Applying s. 273B, it upheld penalty only for the first non-compliance and deleted penalty for the remaining four instances. The penalty was thus restricted to Rs. 10,000 for one default instead of five, and the assessee's appeal was partly allowed.
ITAT held that repeated non-compliances of multiple notices issued u/s 142(1) on the same subject constitute a single default for purposes of penalty u/s 271(1)(b). Accepting the assessee's plea, the Tribunal ruled that successive notices seeking identical information do not multiply the default. Applying s. 273B, it upheld penalty only for the first non-compliance and deleted penalty for the remaining four instances. The penalty was thus restricted to Rs. 10,000 for one default instead of five, and the assessee's appeal was partly allowed.
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