Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
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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