Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Penalty under section 271(1)(c) could not survive once the underlying quantum addition, which formed the sole basis of the penalty, had already been deleted in the assessee's own case and that fact was not disputed by the Revenue. The Tribunal treated the penalty as purely consequential to the assessment addition and held that, without a surviving addition, there was no basis to sustain the penalty. The order sustaining the penalty was set aside and the penalty deleted.
Penalty under section 271(1)(c) could not survive once the underlying quantum addition, which formed the sole basis of the penalty, had already been deleted in the assessee's own case and that fact was not disputed by the Revenue. The Tribunal treated the penalty as purely consequential to the assessment addition and held that, without a surviving addition, there was no basis to sustain the penalty. The order sustaining the penalty was set aside and the penalty deleted.
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