Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Denial of exemption under section 54F was considered on whether an appellate authority may entertain a deduction not claimed in the original return. Tribunal applied the principle that Goetze restricts assessing officer powers but does not bar appellate authorities from adjudicating legal claims; accordingly the tribunal allowed the appeal for statistical purposes and restored the matter to the assessing officer for de novo verification of statutory conditions (nature and character of assets, timing and quantum of investment, compliance) and directed a speaking order after hearing the assessee.
Denial of exemption under section 54F was considered on whether an appellate authority may entertain a deduction not claimed in the original return. Tribunal applied the principle that Goetze restricts assessing officer powers but does not bar appellate authorities from adjudicating legal claims; accordingly the tribunal allowed the appeal for statistical purposes and restored the matter to the assessing officer for de novo verification of statutory conditions (nature and character of assets, timing and quantum of investment, compliance) and directed a speaking order after hearing the assessee.
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