Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
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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