CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
ITAT held that a penalty under Section 271D cannot be sustained where the Assessing Officer rejected the assessee's claim of cash loans and simultaneously made an addition as unexplained investment under Section 69; the tribunal found this dual approach internally inconsistent. The legal principle applied was that imposition of penalty for contravention of the cash transaction prohibition requires an undisputed finding of cash receipt; absent acceptance of the loan claim by the assessing or appellate authority, initiation and levy of penalty is arbitrary. Outcome: appeal allowed and penalty under Section 271D deleted.
ITAT held that a penalty under Section 271D cannot be sustained where the Assessing Officer rejected the assessee's claim of cash loans and simultaneously made an addition as unexplained investment under Section 69; the tribunal found this dual approach internally inconsistent. The legal principle applied was that imposition of penalty for contravention of the cash transaction prohibition requires an undisputed finding of cash receipt; absent acceptance of the loan claim by the assessing or appellate authority, initiation and levy of penalty is arbitrary. Outcome: appeal allowed and penalty under Section 271D deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
