Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
Broker trading-system "technical glitch" redefinition and narrowed incident-reporting regime for large IBT/STWT brokers requiring 2-hr notice and 14-w...
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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