Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
Penalty under section 270A was deleted because the assessee had voluntarily disclosed additional income in the return filed under section 153C and paid tax and interest before assessment proceedings began. The Tribunal treated the earlier omission in the section 139 return as an inadvertent, bona fide mistake and relied on the principle that penalty is not automatic merely because higher income is later offered and accepted. On those facts, the disclosure and payment were held sufficient to negate penalty.
Penalty under section 270A was deleted because the assessee had voluntarily disclosed additional income in the return filed under section 153C and paid tax and interest before assessment proceedings began. The Tribunal treated the earlier omission in the section 139 return as an inadvertent, bona fide mistake and relied on the principle that penalty is not automatic merely because higher income is later offered and accepted. On those facts, the disclosure and payment were held sufficient to negate penalty.
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