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 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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