Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
