Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
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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