Tax authority's substitution of projected figures with actuals overturned; original acquisition valuation upheld; transfer pricing issues remitted for...
Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
ITAT allowed the assessee's appeal and deleted penalty levied u/s 271B. The assessee, an individual engaged in wholesale tea trading, contended that no books of account were maintained, hence the requirement of audit u/s 44AB and consequent penalty u/s 271B could not arise. Revenue asserted that books were maintained but failed to produce cogent evidence to substantiate this claim. Relying on HC precedent holding that s.271B is inapplicable where no books are maintained, ITAT held the penalty unsustainable and decided the matter in favour of the assessee.
ITAT allowed the assessee's appeal and deleted penalty levied u/s 271B. The assessee, an individual engaged in wholesale tea trading, contended that no books of account were maintained, hence the requirement of audit u/s 44AB and consequent penalty u/s 271B could not arise. Revenue asserted that books were maintained but failed to produce cogent evidence to substantiate this claim. Relying on HC precedent holding that s.271B is inapplicable where no books are maintained, ITAT held the penalty unsustainable and decided the matter in favour of the assessee.
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