Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Penalty under section 271(1)(c) was not sustainable where the assessee had disclosed the capital gains, deposited the sale proceeds in the Capital Gains Account Scheme within time, and retained the unutilised amount in that account. The Tribunal held that failure to use the full amount within the stipulated period, caused by disputes with the builder, did not by itself establish concealment or furnishing of inaccurate particulars. The assessee had also suo motu informed the AO before reassessment that the exemption period had expired and accepted the taxability of the balance. In the absence of deliberate suppression, the penalty was deleted.
Penalty under section 271(1)(c) was not sustainable where the assessee had disclosed the capital gains, deposited the sale proceeds in the Capital Gains Account Scheme within time, and retained the unutilised amount in that account. The Tribunal held that failure to use the full amount within the stipulated period, caused by disputes with the builder, did not by itself establish concealment or furnishing of inaccurate particulars. The assessee had also suo motu informed the AO before reassessment that the exemption period had expired and accepted the taxability of the balance. In the absence of deliberate suppression, the penalty was deleted.
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