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...
Dominant issue: Whether penalties under sections 271D and 271E were leviable for cash loans. The Tribunal found on the substantive facts that the assessee's taxable income was below the limit and substantial receipts were agricultural income accepted by the AO, and lenders were agriculturists supported by affidavits and land-revenue records; thus the second proviso applied and no penalty could be sustained. Separately, the Tribunal held that bona fide cash dealings in the first year of a construction business, with genuine source and no tax-evasion motive, constitute reasonable cause under section 273B and warranted deletion of the penalties - ITAT
Dominant issue: Whether penalties under sections 271D and 271E were leviable for cash loans. The Tribunal found on the substantive facts that the assessee's taxable income was below the limit and substantial receipts were agricultural income accepted by the AO, and lenders were agriculturists supported by affidavits and land-revenue records; thus the second proviso applied and no penalty could be sustained. Separately, the Tribunal held that bona fide cash dealings in the first year of a construction business, with genuine source and no tax-evasion motive, constitute reasonable cause under section 273B and warranted deletion of the penalties - ITAT
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