Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Issue: Whether penalty under section 271B survives after deletion of the assessment addition. Reasoning: Applying the legal maxim "Sublato fundamento cadit opus," the Tribunal held that removal of the foundational assessment addition destroys the legal basis for consequential punitive measures; illegality striking at the root invalidates subsequent penalty proceedings. Outcome: Penalty under section 271B was annulled and the appeal allowed. - ITAT
Issue: Whether penalty under section 271B survives after deletion of the assessment addition. Reasoning: Applying the legal maxim "Sublato fundamento cadit opus," the Tribunal held that removal of the foundational assessment addition destroys the legal basis for consequential punitive measures; illegality striking at the root invalidates subsequent penalty proceedings. Outcome: Penalty under section 271B was annulled and the appeal allowed. - ITAT
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