Infrastructure facility: energy-efficient public lighting held integral to road projects, qualifying the operator as a developer and eligible for dedu...
Fourth Proviso to Section 153A: extended-period inquiry requires a reasonable, material-based satisfaction that escaped income likely exceeds the thre...
The article addresses eligibility for immunity under the statutory immunity provision and its effect on penalty proceedings under the penalty provision. It explains that where an assessee timely files the prescribed immunity application, pays tax and interest, and does not challenge the assessment, the assessing officer must record reasons and pass a speaking order if denying immunity; absence of any reasoned rejection of the application renders a subsequent penalty for misreporting unsustainable. Consequently, a penalty levied without a valid rejection of the immunity application is quashed.
The article addresses eligibility for immunity under the statutory immunity provision and its effect on penalty proceedings under the penalty provision. It explains that where an assessee timely files the prescribed immunity application, pays tax and interest, and does not challenge the assessment, the assessing officer must record reasons and pass a speaking order if denying immunity; absence of any reasoned rejection of the application renders a subsequent penalty for misreporting unsustainable. Consequently, a penalty levied without a valid rejection of the immunity application is quashed.
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