Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Cross country pipeline classification and ITC entitlement: pipelines outside factory treated as immovable, ITC disallowed under Section 17 restriction...
Penalty under s.271D for alleged contravention of s.269SS was examined on whether the assessee had "reasonable cause" under s.273B for receiving sale consideration in cash. The assessee received cash advance and balance consideration pursuant to a sale agreement executed before the amendment to s.269SS effective 01.06.2015, completed the registered conveyance in the presence of witnesses, and disclosed the full consideration with due taxes paid. Since the cash receipts were in terms of a pre-amendment contractual arrangement, the statutory "reasonable cause" protection applied, rendering the penalty unsustainable; the penalty was deleted and the appeal was allowed. - ITAT
Penalty under s.271D for alleged contravention of s.269SS was examined on whether the assessee had "reasonable cause" under s.273B for receiving sale consideration in cash. The assessee received cash advance and balance consideration pursuant to a sale agreement executed before the amendment to s.269SS effective 01.06.2015, completed the registered conveyance in the presence of witnesses, and disclosed the full consideration with due taxes paid. Since the cash receipts were in terms of a pre-amendment contractual arrangement, the statutory "reasonable cause" protection applied, rendering the penalty unsustainable; the penalty was deleted and the appeal was allowed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4823 
Join Channel 
