Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Penalty under s. 271(1)(c) read with s. 274 was challenged on the ground that the notice did not specify whether the charge was "concealment of income" or "furnishing inaccurate particulars of income." Since penalty proceedings are penal in nature, the charge must be unequivocal and unambiguous; the AO is required to strike off the inapplicable limb and cannot club both limbs in the notice. As the AO failed to strike off either limb and left the notice vague, the penalty proceedings were held invalid and the penalty was quashed, granting relief to the taxpayer. - ITAT
Penalty under s. 271(1)(c) read with s. 274 was challenged on the ground that the notice did not specify whether the charge was "concealment of income" or "furnishing inaccurate particulars of income." Since penalty proceedings are penal in nature, the charge must be unequivocal and unambiguous; the AO is required to strike off the inapplicable limb and cannot club both limbs in the notice. As the AO failed to strike off either limb and left the notice vague, the penalty proceedings were held invalid and the penalty was quashed, granting relief to the taxpayer. - ITAT
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