Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Penalty under section 270A is examined in light of whether liability arises from under-reporting or misreporting. The tribunal emphasises that under-reporting requires a settled legal obligation to report income; where survey occurs before year end and the return is filed within prescribed time with accepted returned income, under-reporting is absent and penalty cannot be sustained. Misreporting conditions must be specifically fulfilled before invoking that limb; absence of specification and failure to meet misreporting criteria render the penalty unsustainable, with a binding Gujarat HC ratio relied upon.
Penalty under section 270A is examined in light of whether liability arises from under-reporting or misreporting. The tribunal emphasises that under-reporting requires a settled legal obligation to report income; where survey occurs before year end and the return is filed within prescribed time with accepted returned income, under-reporting is absent and penalty cannot be sustained. Misreporting conditions must be specifically fulfilled before invoking that limb; absence of specification and failure to meet misreporting criteria render the penalty unsustainable, with a binding Gujarat HC ratio relied upon.
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