Corporate guarantee invocation in insolvency petition: enforceability upheld, conditional sanction letter not a novation, limitation not barred after ...
NPCI-based bank account validation for IEC applications and modifications enables real-time validation; incorrect details block submission or trigger ...
Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
ITAT deleted penalty for under-reporting of income under section 270A because the income had already been disclosed and was reflected through salary records, TDS and Form 26AS. The Tribunal noted that the addition arose from non-consideration of available material, while the appellate relief aligned the assessed income with the returned income. Once the quantum addition was deleted, the statutory condition for under-reporting ceased to exist, and there was no basis to infer concealment or misreporting. The consequential penalty therefore could not be sustained and the assessee's appeal was allowed.
ITAT deleted penalty for under-reporting of income under section 270A because the income had already been disclosed and was reflected through salary records, TDS and Form 26AS. The Tribunal noted that the addition arose from non-consideration of available material, while the appellate relief aligned the assessed income with the returned income. Once the quantum addition was deleted, the statutory condition for under-reporting ceased to exist, and there was no basis to infer concealment or misreporting. The consequential penalty therefore could not be sustained and the assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4823 
Join Channel 
