Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
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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