Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
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Penalty under section 271(1)(c) could not be sustained where the assessee had disclosed all particulars in the return and the claim was only disallowed as a matter of law. Applying CIT v. Reliance Petro Products Ltd., the ITAT held that concealment of income or furnishing of inaccurate particulars is required for penalty, and a mere unsustainable claim for document and stamp charges related to increase in authorised share capital does not meet that test. The penalty was deleted and the assessee's appeal was allowed.
Penalty under section 271(1)(c) could not be sustained where the assessee had disclosed all particulars in the return and the claim was only disallowed as a matter of law. Applying CIT v. Reliance Petro Products Ltd., the ITAT held that concealment of income or furnishing of inaccurate particulars is required for penalty, and a mere unsustainable claim for document and stamp charges related to increase in authorised share capital does not meet that test. The penalty was deleted and the assessee's appeal was allowed.
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