Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
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...
The ITAT held that penalty under section 271D could not stand because the AO proceeded on an incorrect premise that receipt of cash on transfer of immovable property through a subsisting GPA made section 269SS applicable. A sale deed could validly be executed through a GPA until cancelled, and there was no material that the GPA had been cancelled before execution of the sale deed. On that basis, the invocation of the penal provision was erroneous, and the Tribunal followed co-ordinate Bench decisions on the same issue. The appeal was allowed and the penalty deleted.
The ITAT held that penalty under section 271D could not stand because the AO proceeded on an incorrect premise that receipt of cash on transfer of immovable property through a subsisting GPA made section 269SS applicable. A sale deed could validly be executed through a GPA until cancelled, and there was no material that the GPA had been cancelled before execution of the sale deed. On that basis, the invocation of the penal provision was erroneous, and the Tribunal followed co-ordinate Bench decisions on the same issue. The appeal was allowed and the penalty deleted.
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