Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
Penalty under section 271(1)(c) was held unsustainable where the...
Penalty under section 271(1)(c) deleted where income was disclosed in section 153A returns and remaining additions were only estimated or computational.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Penalty under section 271(1)(c) was held unsustainable where the income had already been disclosed in returns filed in response to section 153A notices and accepted in assessment, because such disclosure could not by itself amount to concealment or furnishing inaccurate particulars. The Tribunal also found that the remaining additions were only estimated deemed brokerage adjustments and calculation errors, which did not meet the statutory threshold for penalty. On those facts, the penalties for the relevant assessment years were deleted.
Penalty under section 271(1)(c) was held unsustainable where the income had already been disclosed in returns filed in response to section 153A notices and accepted in assessment, because such disclosure could not by itself amount to concealment or furnishing inaccurate particulars. The Tribunal also found that the remaining additions were only estimated deemed brokerage adjustments and calculation errors, which did not meet the statutory threshold for penalty. On those facts, the penalties for the relevant assessment years were deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
