Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
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Penalty under section 270A for under-reporting or misreporting is valid only when the exact statutory limb under section 270A(2) is specifically identified in the notice and the penalty order. Where the Assessing Officer failed to specify the applicable clause, the foundation of the penalty proceedings was treated as defective. Relying on the jurisdictional High Court ruling in Schneider Electric South East Asia, the Tribunal treated the proceedings as bad in law, quashed the notice and penalty order, and deleted the penalty.
Penalty under section 270A for under-reporting or misreporting is valid only when the exact statutory limb under section 270A(2) is specifically identified in the notice and the penalty order. Where the Assessing Officer failed to specify the applicable clause, the foundation of the penalty proceedings was treated as defective. Relying on the jurisdictional High Court ruling in Schneider Electric South East Asia, the Tribunal treated the proceedings as bad in law, quashed the notice and penalty order, and deleted the penalty.
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