Deductibility for charitable donations affirmed where payments to approved relief funds, even if CSR-driven, qualify under the donation deduction sche...
Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
Penalty under the tax provision for furnishing inaccurate particulars was contested where the assessee claimed interest under capitalisation rather than revenue deduction. Tribunal relied on the Supreme Court principle that an incorrect claim does not automatically constitute furnishing inaccurate particulars, and observed the assessing officers disallowance on capitalisation had attained finality. Subsequent treatment by the assesseecapitalising interest in a later yearfurther supported absence of deliberate inaccuracy. Consequently the appellate authority concluded the penalty was unsustainable and allowed the assessees grounds, setting aside the confirmed levy of penalty.
Penalty under the tax provision for furnishing inaccurate particulars was contested where the assessee claimed interest under capitalisation rather than revenue deduction. Tribunal relied on the Supreme Court principle that an incorrect claim does not automatically constitute furnishing inaccurate particulars, and observed the assessing officers disallowance on capitalisation had attained finality. Subsequent treatment by the assesseecapitalising interest in a later yearfurther supported absence of deliberate inaccuracy. Consequently the appellate authority concluded the penalty was unsustainable and allowed the assessees grounds, setting aside the confirmed levy of penalty.
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