Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
Depositor-protection proceedings prevail over corporate insolvency, while liquidators may recover chit receivables using copies of seized company reco...
Penalties for alleged violations of cash loan and repayment restrictions were treated as consequential to the quantum assessments in which the underlying findings were recorded. Once the co-ordinate Bench had quashed the assessee's quantum assessments, the foundation for the penalty orders disappeared, and the penalties had no independent existence to survive. The Tribunal therefore deleted all the penalties for the years in appeal and rejected the request to keep the matters pending, while leaving the Department free to seek revival if it later succeeded in the quantum proceedings.
Penalties for alleged violations of cash loan and repayment restrictions were treated as consequential to the quantum assessments in which the underlying findings were recorded. Once the co-ordinate Bench had quashed the assessee's quantum assessments, the foundation for the penalty orders disappeared, and the penalties had no independent existence to survive. The Tribunal therefore deleted all the penalties for the years in appeal and rejected the request to keep the matters pending, while leaving the Department free to seek revival if it later succeeded in the quantum proceedings.
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