Charity-run tree plantation and maintenance for environmental preservation qualifies as "charitable activity", making supplies GST-exempt under Notifi...
Drawings/designs supply and erection supervision fees from German contractor: designs non-taxable; supervision taxed as FTS/PE depending on six-month ...
Imported analyser diagnostic cartridges treated as accessories with analyser system, not standalone diagnostic reagents; extended limitation and penal...
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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