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...
Penalty proceedings under section 270A require a clear sequential charge: the Assessing Officer must first identify under-reporting and then specify whether it is attributable to a particular form of misreporting. Where the notice alleged only under-reporting but the penalty order proceeded on under-reporting in consequence of misreporting, without stating the exact statutory clauses invoked, the proceedings were held invalid for breach of natural justice. Independently, the assessee's reliance on Form 16 showing the amount as exempt, together with full disclosure of material facts, was accepted as a bona fide explanation falling within section 270A(6)(a), supporting deletion of the penalty.
Penalty proceedings under section 270A require a clear sequential charge: the Assessing Officer must first identify under-reporting and then specify whether it is attributable to a particular form of misreporting. Where the notice alleged only under-reporting but the penalty order proceeded on under-reporting in consequence of misreporting, without stating the exact statutory clauses invoked, the proceedings were held invalid for breach of natural justice. Independently, the assessee's reliance on Form 16 showing the amount as exempt, together with full disclosure of material facts, was accepted as a bona fide explanation falling within section 270A(6)(a), supporting deletion of the penalty.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
