Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
Penalty under section 271(1)(c) was examined issue-wise against the assessee's claims in transfer pricing, GDR expenses, MODVAT expenses, foreign exchange derivative losses, PF and ESIC, foreign exchange gain, and TDS reconciliation differences. The Tribunal treated claims already rejected in quantum proceedings, or unsupported by evidence, as lacking bona fide and upheld penalty where the assessee failed to show good faith, due diligence, or full disclosure. It found the foreign exchange derivative loss to be a bona fide business deduction claim and deleted the linked penalty because the underlying quantum disallowance had not survived. The appeal was thus partly allowed for statistical purposes, with one remanded penalty issue for fresh consideration.
Penalty under section 271(1)(c) was examined issue-wise against the assessee's claims in transfer pricing, GDR expenses, MODVAT expenses, foreign exchange derivative losses, PF and ESIC, foreign exchange gain, and TDS reconciliation differences. The Tribunal treated claims already rejected in quantum proceedings, or unsupported by evidence, as lacking bona fide and upheld penalty where the assessee failed to show good faith, due diligence, or full disclosure. It found the foreign exchange derivative loss to be a bona fide business deduction claim and deleted the linked penalty because the underlying quantum disallowance had not survived. The appeal was thus partly allowed for statistical purposes, with one remanded penalty issue for fresh consideration.
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