Search and seizure: abatement of earlier search bars use of prior seized material in later search-based assessments; relief limited to new documents f...
Admission of additional evidence under remand rules must await a meaningful remand report; failure to do so breaches natural justice and mandates rema...
Export Obligation Discharge Certificates for EPCG compliance cannot be questioned by Customs unless DGFT adjudicates and cancels them, so demands quas...
Penalty under section 271D for alleged violation of section 269SS, based on receipt of cash exceeding the statutory threshold under an agreement to sell, was held unsustainable because the assessment order did not doubt the source, identity, or genuineness of the cash deposited in the bank. Applying binding precedent that, where the veracity of a cash deposit is in doubt, the proper course is an addition under section 68 rather than invoking sections 269SS/269T, it was held that those provisions were inapplicable on the admitted facts. Consequently, the penalty could not be levied and the appeal was allowed. - ITAT
Penalty under section 271D for alleged violation of section 269SS, based on receipt of cash exceeding the statutory threshold under an agreement to sell, was held unsustainable because the assessment order did not doubt the source, identity, or genuineness of the cash deposited in the bank. Applying binding precedent that, where the veracity of a cash deposit is in doubt, the proper course is an addition under section 68 rather than invoking sections 269SS/269T, it was held that those provisions were inapplicable on the admitted facts. Consequently, the penalty could not be levied 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 
