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...
Section 270A excludes from underreported income amounts for which a taxpayer offers a bona fide explanation and discloses material facts; where the return claimed a deduction based on an existing precedent, that explanation was treated as bona fide and no underreporting arose, so penalty under Section 270A could not be sustained. Separately, underreporting for penalty purposes arises only if assessed income exceeds income processed in the return; here the assessed income was not greater than the processed return, so prima facie penalty proceedings were unwarranted and the penalty order was stayed.
Section 270A excludes from underreported income amounts for which a taxpayer offers a bona fide explanation and discloses material facts; where the return claimed a deduction based on an existing precedent, that explanation was treated as bona fide and no underreporting arose, so penalty under Section 270A could not be sustained. Separately, underreporting for penalty purposes arises only if assessed income exceeds income processed in the return; here the assessed income was not greater than the processed return, so prima facie penalty proceedings were unwarranted and the penalty order was stayed.
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