Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
Adjudicatory discretion to fix penalty under Section 13(1) of FEMA permits assessment up to a statutory maximum but does not mandate a minimum; therefore the adjudicator may impose a reduced, reasoned penalty. The Tribunal upheld the Adjudicating Authority's objectively reasoned exercise of discretion, noting the imposed penalty was substantially below the statutory cap and that practical factors - including the respondents' inability to comply with pre-deposit directions and non realisation of penalty - made appellate enhancement unwarranted. Consequently the appeal for enhancement was dismissed and the existing quantum left undisturbed.
Adjudicatory discretion to fix penalty under Section 13(1) of FEMA permits assessment up to a statutory maximum but does not mandate a minimum; therefore the adjudicator may impose a reduced, reasoned penalty. The Tribunal upheld the Adjudicating Authority's objectively reasoned exercise of discretion, noting the imposed penalty was substantially below the statutory cap and that practical factors - including the respondents' inability to comply with pre-deposit directions and non realisation of penalty - made appellate enhancement unwarranted. Consequently the appeal for enhancement was dismissed and the existing quantum left undisturbed.
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