Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
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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