Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Classification of printed technical documents: specific Chapter 49.01 entry prevails, enabling claimed customs exemptions for imported manuals and rep...
Penalty under section 271(1)(c) turns on the assessee's intention: an inadvertent or unintentional omission does not attract penalty, but a conscious non-disclosure or false exemption claim constitutes concealment and furnishing of inaccurate particulars. On the facts, the assessee had paid advance tax on the capital gains yet claimed exemption in the return and sought a refund, which the Court treated as a deliberate attempt to avoid tax discovered on scrutiny. The explanation of a typographical error in the Chartered Accountant's computation was rejected, and the cited advance ruling was held inapplicable on its different facts. The Tribunal's restoration of penalty was upheld and the appeal dismissed.
Penalty under section 271(1)(c) turns on the assessee's intention: an inadvertent or unintentional omission does not attract penalty, but a conscious non-disclosure or false exemption claim constitutes concealment and furnishing of inaccurate particulars. On the facts, the assessee had paid advance tax on the capital gains yet claimed exemption in the return and sought a refund, which the Court treated as a deliberate attempt to avoid tax discovered on scrutiny. The explanation of a typographical error in the Chartered Accountant's computation was rejected, and the cited advance ruling was held inapplicable on its different facts. The Tribunal's restoration of penalty was upheld and the appeal dismissed.
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