Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
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Cash received as sale consideration on registration of immovable property deeds was held outside the mischief of section 269SS, because the provision was applied to advances in property transactions and not to completed transfer consideration duly reflected in registered documents. On that footing, penalty under section 271D could not be sustained. The Tribunal also held that valid initiation of penalty required recorded satisfaction by the Assessing Officer in the assessment or other proceedings, and no such satisfaction was shown on the record. The penalty was therefore quashed and deleted.
Cash received as sale consideration on registration of immovable property deeds was held outside the mischief of section 269SS, because the provision was applied to advances in property transactions and not to completed transfer consideration duly reflected in registered documents. On that footing, penalty under section 271D could not be sustained. The Tribunal also held that valid initiation of penalty required recorded satisfaction by the Assessing Officer in the assessment or other proceedings, and no such satisfaction was shown on the record. The penalty was therefore quashed and deleted.
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