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...
Penalty under Section 271(1)(c) was held unsustainable where the underlying quantum addition for alleged bogus purchases represented only an estimated profit element and not a definite, proved concealment. The ITAT deleted the penalty for Assessment Year 2010-2011 on the ground that estimated additions alone do not justify penalty. For Assessment Year 2011-2012, the appellate order sustaining penalty was set aside because the assessee's submissions had not been considered; the matter was remanded for fresh adjudication after giving reasonable opportunity and addressing the material placed on record.
Penalty under Section 271(1)(c) was held unsustainable where the underlying quantum addition for alleged bogus purchases represented only an estimated profit element and not a definite, proved concealment. The ITAT deleted the penalty for Assessment Year 2010-2011 on the ground that estimated additions alone do not justify penalty. For Assessment Year 2011-2012, the appellate order sustaining penalty was set aside because the assessee's submissions had not been considered; the matter was remanded for fresh adjudication after giving reasonable opportunity and addressing the material placed on record.
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