Deductibility for charitable donations affirmed where payments to approved relief funds, even if CSR-driven, qualify under the donation deduction sche...
Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
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The note addresses imposition of penalty for excess claim of speculation loss where the error arose from consolidation in a revised return by the taxpayer's tax consultant. It emphasises that absence of mens rea to evade tax and evidence of an inadvertent clerical mistake disentitle Revenue from levying penalty under the provision; the assessing officer therefore erred in invoking penalty. The operative legal point is that penalties for furnishing inaccurate particulars require deliberate or mala fide conduct, and mistakes attributable to a tax agent without proof of intent do not attract sanction.
The note addresses imposition of penalty for excess claim of speculation loss where the error arose from consolidation in a revised return by the taxpayer's tax consultant. It emphasises that absence of mens rea to evade tax and evidence of an inadvertent clerical mistake disentitle Revenue from levying penalty under the provision; the assessing officer therefore erred in invoking penalty. The operative legal point is that penalties for furnishing inaccurate particulars require deliberate or mala fide conduct, and mistakes attributable to a tax agent without proof of intent do not attract sanction.
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