Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
Proportionate interest, unexplained credits and partner remuneration disputed; proofs of fund nexus and lender identity were decisive and disallowance...
Capital gains valuation from stamp assessment versus net consideration for residential reinvestment: deemed stamp value replaced for gains but not for...
Section 270A requires the Assessing Officer to specify whether penalty is for under-reporting or misreporting, because each limb carries distinct consequences and different rates. Here, the notice alleged under-reporting, but the penalty was imposed at the higher misreporting rate without identifying the applicable clause under sub-section (9) or recording a clear finding of misreporting. As the relevant particulars had already been disclosed in the return, the Tribunal found no misreporting or under-reporting on the facts. The omission to specify the precise charge was fatal, and the penalty proceedings were vitiated and deleted.
Section 270A requires the Assessing Officer to specify whether penalty is for under-reporting or misreporting, because each limb carries distinct consequences and different rates. Here, the notice alleged under-reporting, but the penalty was imposed at the higher misreporting rate without identifying the applicable clause under sub-section (9) or recording a clear finding of misreporting. As the relevant particulars had already been disclosed in the return, the Tribunal found no misreporting or under-reporting on the facts. The omission to specify the precise charge was fatal, and the penalty proceedings were vitiated and deleted.
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