Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
