Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
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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