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...
Penalty under section 271(1)(c): Tribunal held the penalty notice was vitiated for failure to specify clearly whether proceedings were for concealment of income or furnishing inaccurate particulars; legal basis being that a notice must unambiguously state the limb under s.271(1)(c) relied upon, and inclusion of irrelevant or non-struck matters renders the notice defective. Relying on precedents where identical defects led to deletion of penalty, the penalty was quashed and the appeal allowed. - ITAT
Penalty under section 271(1)(c): Tribunal held the penalty notice was vitiated for failure to specify clearly whether proceedings were for concealment of income or furnishing inaccurate particulars; legal basis being that a notice must unambiguously state the limb under s.271(1)(c) relied upon, and inclusion of irrelevant or non-struck matters renders the notice defective. Relying on precedents where identical defects led to deletion of penalty, the penalty was quashed and the appeal allowed. - ITAT
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