Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Reverse charge and assignment of royalty collection: exemption for excess royalty collectors subject to reconciliation; leaseholders remain liable und...
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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