Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
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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