Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
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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