Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
Issue: imposition of penalty under section 271(1)(b) for failure to comply with notices under section 142(1). Principle applied: the onus lies on the assessee to show bona fide and reasonable cause and to disclose material facts; Revenue need not prove deliberate default. Outcome: where the assessee offered no substantiated explanation and assessment proceeded ex parte, subsequent belated compliance did not negate penalty. The ITAT upheld two penalties for separate non compliance occasions and dismissed the appeal for failure to prove reasonable cause.
Issue: imposition of penalty under section 271(1)(b) for failure to comply with notices under section 142(1). Principle applied: the onus lies on the assessee to show bona fide and reasonable cause and to disclose material facts; Revenue need not prove deliberate default. Outcome: where the assessee offered no substantiated explanation and assessment proceeded ex parte, subsequent belated compliance did not negate penalty. The ITAT upheld two penalties for separate non compliance occasions and dismissed the appeal for failure to prove reasonable cause.
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