Interest on Wrongful Input Tax Credit is mandatory where excess transitional credit was retained and later reversed, and related objections were rejec...
Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
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Penalty under s. 271AAB(1A)(b) was held unsustainable where the search did not unearth any incriminating material evidencing "undisclosed income" and the only basis was a statement under s. 132(4) offering additional income that was later retracted and was not reflected in the return for the relevant year. Since discovery of undisclosed income during or as a result of the search is a sine qua non for invoking s. 271AAB(1A)(b), a mere admission without corroborative seized material could not support penalty. Accordingly, deletion of the penalty was upheld and the revenue's appeal was dismissed. - ITAT
Penalty under s. 271AAB(1A)(b) was held unsustainable where the search did not unearth any incriminating material evidencing "undisclosed income" and the only basis was a statement under s. 132(4) offering additional income that was later retracted and was not reflected in the return for the relevant year. Since discovery of undisclosed income during or as a result of the search is a sine qua non for invoking s. 271AAB(1A)(b), a mere admission without corroborative seized material could not support penalty. Accordingly, deletion of the penalty was upheld and the revenue's appeal was dismissed. - ITAT
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