Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
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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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