Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
A partner and partnership firm were considered for separate penalties arising from the same import contravention. The Tribunal held that, in the absence of any statutory indication treating the firm as distinct from its partners for this penalty, the penalty on the firm covered the partners' contravention as well; the separate penalty on the partner under Section 112(a) was therefore set aside. For use of false or incorrect declaration documents under Section 114AA, the partner's unwithdrawn statement admitting participation in arranging the import in the firm's name was treated as sufficient evidence, so penalty was upheld in principle, but reduced as excessive and disproportionate.
A partner and partnership firm were considered for separate penalties arising from the same import contravention. The Tribunal held that, in the absence of any statutory indication treating the firm as distinct from its partners for this penalty, the penalty on the firm covered the partners' contravention as well; the separate penalty on the partner under Section 112(a) was therefore set aside. For use of false or incorrect declaration documents under Section 114AA, the partner's unwithdrawn statement admitting participation in arranging the import in the firm's name was treated as sufficient evidence, so penalty was upheld in principle, but reduced as excessive and disproportionate.
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