Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
ITAT addressed penalty under the Income-tax regime where an assessee, during search proceedings, admitted undisclosed income, explained the manner and source of accrual, and included the disclosure in the return with taxes and interest paid; the assessing officer and appellate authority acknowledged the disclosure. Applying the principle that a voluntary, explained disclosure during search accepted by revenue officers and regularised by return and tax payment negates penal liability, the tribunal found the statutory criteria satisfied and set aside the penalty, allowing the appeal.
ITAT addressed penalty under the Income-tax regime where an assessee, during search proceedings, admitted undisclosed income, explained the manner and source of accrual, and included the disclosure in the return with taxes and interest paid; the assessing officer and appellate authority acknowledged the disclosure. Applying the principle that a voluntary, explained disclosure during search accepted by revenue officers and regularised by return and tax payment negates penal liability, the tribunal found the statutory criteria satisfied and set aside the penalty, allowing the appeal.
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