Minimum Public Offer Requirements set tiered issuer-based allotment minima with mandatory staged public shareholding increases and exchange enforcemen...
Disallowance under tax law for investment expenses cannot be applied mechanically; authority must record clear reasons before increasing assessee's su...
Penalty under section 271AAC was upheld because the Tribunal found that the quantum addition for unexplained investment had already been conclusively sustained on incriminating digital material and could not be reopened in penalty proceedings. It held that section 271AAC applies where income is determined under section 115BBE, and the statutory immunity is unavailable unless the income is disclosed in the return and tax is paid within the prescribed time, which was not done. The Tribunal further held that the word "may" requires judicial discretion, but where unexplained investment is established and no bona fide explanation or reasonable cause is shown, penalty follows as the natural legal consequence.
Penalty under section 271AAC was upheld because the Tribunal found that the quantum addition for unexplained investment had already been conclusively sustained on incriminating digital material and could not be reopened in penalty proceedings. It held that section 271AAC applies where income is determined under section 115BBE, and the statutory immunity is unavailable unless the income is disclosed in the return and tax is paid within the prescribed time, which was not done. The Tribunal further held that the word "may" requires judicial discretion, but where unexplained investment is established and no bona fide explanation or reasonable cause is shown, penalty follows as the natural legal consequence.
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