Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
Levy of penalty for concealment was invalidated because the original assessment addition that triggered penalty proceedings was deleted on appeal and the sustained tax effect arose only from appellate recharacterisation. The Assessing Officer did not record any fresh jurisdictional satisfaction regarding concealment or inaccurate particulars after the appellate outcome, and the penalty order relied mechanically on a consequential givingeffect order. Where primary facts were fully disclosed and dispute concerns the legal characterisation or head of income, penalty cannot attach; appeal was allowed.
Levy of penalty for concealment was invalidated because the original assessment addition that triggered penalty proceedings was deleted on appeal and the sustained tax effect arose only from appellate recharacterisation. The Assessing Officer did not record any fresh jurisdictional satisfaction regarding concealment or inaccurate particulars after the appellate outcome, and the penalty order relied mechanically on a consequential givingeffect order. Where primary facts were fully disclosed and dispute concerns the legal characterisation or head of income, penalty cannot attach; appeal was allowed.
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