Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
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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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