Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
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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