Reverse charge and assignment of royalty collection: exemption for excess royalty collectors subject to reconciliation; leaseholders remain liable und...
Authorization requirements for customs brokers and benami shipping bills: tribunal upholds licence revocation and penalties after COVID time limit fou...
Eligibility for notification exemption on imported fertilizers challenged; penalty, interest and confiscation set aside after voluntary payment and no...
Penalty under s.270A for "underreporting of income" was challenged on the ground that the assessed addition was made on an estimated basis by lump-sum disallowance of expenses. The Tribunal held that estimated additions are excluded under s.270A(6) only where the accounts are found correct and complete but income cannot be properly deduced from the method employed; here the AO recorded that the books were not correct and complete due to discrepancies and unsupported vouchers, which remained unrebutted, hence penalty was sustainable. Penalty on disallowance under s.40(a)(ia) for TDS default was also upheld as no contrary submissions were made; appeal was dismissed. - ITAT
Penalty under s.270A for "underreporting of income" was challenged on the ground that the assessed addition was made on an estimated basis by lump-sum disallowance of expenses. The Tribunal held that estimated additions are excluded under s.270A(6) only where the accounts are found correct and complete but income cannot be properly deduced from the method employed; here the AO recorded that the books were not correct and complete due to discrepancies and unsupported vouchers, which remained unrebutted, hence penalty was sustainable. Penalty on disallowance under s.40(a)(ia) for TDS default was also upheld as no contrary submissions were made; appeal was dismissed. - ITAT
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