Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Reverse charge and assignment of royalty collection: exemption for excess royalty collectors subject to reconciliation; leaseholders remain liable und...
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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