Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Tribunal addressed levy of penalty under section 271AAB(1A) focusing on whether the addition constituted undisclosed income under Explanation clause (c). The Tribunal reasoned that clause (c) requires money, valuables, or entries or transactions found during a search indicating incriminating material; absent such material the statutory condition for penalty is unmet, so the penalty cannot be sustained. The AO had taxed the amount under income reconstruction principles but, since no incriminating material was found during search proceedings, the penalty under section 271AAB(1A) was deleted and relief granted to the assessee.
Tribunal addressed levy of penalty under section 271AAB(1A) focusing on whether the addition constituted undisclosed income under Explanation clause (c). The Tribunal reasoned that clause (c) requires money, valuables, or entries or transactions found during a search indicating incriminating material; absent such material the statutory condition for penalty is unmet, so the penalty cannot be sustained. The AO had taxed the amount under income reconstruction principles but, since no incriminating material was found during search proceedings, the penalty under section 271AAB(1A) was deleted and relief granted to the assessee.
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