Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
