Inventory write-off and fraudulent/wrongful trading allegations in corporate insolvency led to director liability principles applied and appeal dismis...
Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
Penalty under s. 271AAB(1A) was examined on whether the amount offered during search and assessed as unexplained money under s. 69A read with s. 115BBE qualified as "undisclosed income" under Explanation (c) to s. 271AAB. The definition requires income to be represented by money/bullion/jewellery/valuable article, or to be evidenced by entries or documents/transactions found during the s. 132 search. Since the quantum proceedings had already found that no incriminating material was recovered to support the addition, the statutory precondition failed, and the sum could not be treated as "undisclosed income"; the penalty was directed to be deleted and the appeal was allowed. - ITAT
Penalty under s. 271AAB(1A) was examined on whether the amount offered during search and assessed as unexplained money under s. 69A read with s. 115BBE qualified as "undisclosed income" under Explanation (c) to s. 271AAB. The definition requires income to be represented by money/bullion/jewellery/valuable article, or to be evidenced by entries or documents/transactions found during the s. 132 search. Since the quantum proceedings had already found that no incriminating material was recovered to support the addition, the statutory precondition failed, and the sum could not be treated as "undisclosed income"; the penalty was directed to be deleted and the appeal was allowed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4824 
Join Channel 
