Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
Section 249(4)(b) could not be used to reject the quantum appeal where the record did not show taxable income in India and, on the assessee's consistent case, no obligation to pay advance tax arose. The Tribunal noted that the addition stemmed only from an unexplained source of investment in immovable property, not from returned or admitted income. The Commissioner (Appeals) therefore erred in dismissing the appeal in limine. The quantum matter was restored to the jurisdictional Assessing Officer for de novo adjudication after due opportunity, and the consequential penalty under section 271(1)(c) was also restored for fresh consideration.
Section 249(4)(b) could not be used to reject the quantum appeal where the record did not show taxable income in India and, on the assessee's consistent case, no obligation to pay advance tax arose. The Tribunal noted that the addition stemmed only from an unexplained source of investment in immovable property, not from returned or admitted income. The Commissioner (Appeals) therefore erred in dismissing the appeal in limine. The quantum matter was restored to the jurisdictional Assessing Officer for de novo adjudication after due opportunity, and the consequential penalty under section 271(1)(c) was also restored for fresh consideration.
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