Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
Penalty under section 43 of the Black Money Act for non-disclosure of foreign assets is discretionary rather than automatic: the word 'shall' must not be construed to convert a penal/charging provision into a mandatory imposition where facts permit exercise of discretion. The tribunal held that an assessing officer must evaluate facts and circumstances before levying penalty for omission from Schedule FA, and remitted the matter to the AO to exercise that discretion afresh rather than treating the penalty as obligatory.
Penalty under section 43 of the Black Money Act for non-disclosure of foreign assets is discretionary rather than automatic: the word 'shall' must not be construed to convert a penal/charging provision into a mandatory imposition where facts permit exercise of discretion. The tribunal held that an assessing officer must evaluate facts and circumstances before levying penalty for omission from Schedule FA, and remitted the matter to the AO to exercise that discretion afresh rather than treating the penalty as obligatory.
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