Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
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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