Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
ITAT addressed penalty under 272A(1)(d) for alleged non-compliance with a notice under section 142(1); it found that the assessee, a farmer represented through an advocate, did not receive communications due to non-payment of advocate fees and absence of physical service, constituting a reasonable cause under the statutory exception, and the Revenue conceded non-service. The consequence is deletion of the Rs. 10,000 penalty levied under 272A(1)(d), deciding in favour of the assessee.
ITAT addressed penalty under 272A(1)(d) for alleged non-compliance with a notice under section 142(1); it found that the assessee, a farmer represented through an advocate, did not receive communications due to non-payment of advocate fees and absence of physical service, constituting a reasonable cause under the statutory exception, and the Revenue conceded non-service. The consequence is deletion of the Rs. 10,000 penalty levied under 272A(1)(d), deciding in favour of the assessee.
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