Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Penalty under Section 271(1)(c) was sustained because the assessee's non-disclosure of capital gains was found to be neither bona fide nor based on a plausible exemption claim. The Court held that the relevant test is whether the omission to disclose taxable income was a genuine mistake or was intended to avoid tax. On the facts, the shares were in an unlisted company, the claimed exemption was not established, the return omitted taxable income while seeking a refund, and the income surfaced only on scrutiny. The conduct was therefore treated as furnishing inaccurate particulars with intent to evade tax, and the appeal was dismissed.
Penalty under Section 271(1)(c) was sustained because the assessee's non-disclosure of capital gains was found to be neither bona fide nor based on a plausible exemption claim. The Court held that the relevant test is whether the omission to disclose taxable income was a genuine mistake or was intended to avoid tax. On the facts, the shares were in an unlisted company, the claimed exemption was not established, the return omitted taxable income while seeking a refund, and the income surfaced only on scrutiny. The conduct was therefore treated as furnishing inaccurate particulars with intent to evade tax, and the appeal was dismissed.
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