Transfer pricing adjustments for software services, corporate guarantees, expense characterisation and foreign tax credit affirmed under arm's length ...
Scientific Research approval for Sikshya O Anusandhan under section 35(1)(ii) granted subject to reporting, certification, and compliance requirements...
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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