Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
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 4821 
Join Channel 
