Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
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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