Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
Penalty under section 270A was unsustainable where the disputed claims related only to the allowability of expenditure already incurred. The Tribunal noted that loan processing charges and stamp duty were not denied as expenses, but were treated by the AO as capital in nature, and the preliminary expenses claim under section 35D failed only on eligibility. Because the issue was a debatable disallowance of deduction and there was no wilful furnishing of inaccurate particulars, under-reporting or misreporting was not made out. The penalty confirmed in appeal was deleted.
Penalty under section 270A was unsustainable where the disputed claims related only to the allowability of expenditure already incurred. The Tribunal noted that loan processing charges and stamp duty were not denied as expenses, but were treated by the AO as capital in nature, and the preliminary expenses claim under section 35D failed only on eligibility. Because the issue was a debatable disallowance of deduction and there was no wilful furnishing of inaccurate particulars, under-reporting or misreporting was not made out. The penalty confirmed in appeal was deleted.
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