Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Classification of printed technical documents: specific Chapter 49.01 entry prevails, enabling claimed customs exemptions for imported manuals and rep...
Penalty under s.270A for under-reporting was examined where a claimed business loss was accepted in quantum but recharacterized as speculative loss. Since the loss itself was not disallowed and the assessee had disclosed all material facts, the reclassification was treated as a mere change in the nature/sub-head of loss, not evidence of concealment or furnishing inaccurate particulars; therefore, under-reporting could not be inferred. The non-filing of further appeal against the quantum adjustment was held irrelevant because penalty proceedings are independent and require proof of a culpable act; absence of resulting tax demand also explained non-challenge. Penalty was deleted and the appeal was allowed. - ITAT
Penalty under s.270A for under-reporting was examined where a claimed business loss was accepted in quantum but recharacterized as speculative loss. Since the loss itself was not disallowed and the assessee had disclosed all material facts, the reclassification was treated as a mere change in the nature/sub-head of loss, not evidence of concealment or furnishing inaccurate particulars; therefore, under-reporting could not be inferred. The non-filing of further appeal against the quantum adjustment was held irrelevant because penalty proceedings are independent and require proof of a culpable act; absence of resulting tax demand also explained non-challenge. Penalty was deleted and the appeal was allowed. - ITAT
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