Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
Penalty under section 271D was unsustainable because the Tribunal found that the impugned receipts were made through banking channels by cheque on the dates shown, and the lower authorities had proceeded on an incorrect assumption about the transaction year; once cheque receipts were established, no contravention of section 269SS survived. Penalty under section 271(1)(c) was also not leviable because the loss claim was based on audited accounts and related business expenditure, and mere acceptance of disallowance did not amount to furnishing inaccurate particulars. Applying Reliance Petro Products, the Tribunal deleted both penalties.
Penalty under section 271D was unsustainable because the Tribunal found that the impugned receipts were made through banking channels by cheque on the dates shown, and the lower authorities had proceeded on an incorrect assumption about the transaction year; once cheque receipts were established, no contravention of section 269SS survived. Penalty under section 271(1)(c) was also not leviable because the loss claim was based on audited accounts and related business expenditure, and mere acceptance of disallowance did not amount to furnishing inaccurate particulars. Applying Reliance Petro Products, the Tribunal deleted both penalties.
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