Effective hearing in GST adjudication requires actual opportunity to respond; ineffective service through a former auditor invalidated ex parte procee...
Third-party search material requires special assessment route, rendering general reassessment notices without jurisdiction when it forms the proceedin...
Transfer-pricing adjustments must be confined to international associated-enterprise transactions, while functionally dissimilar comparables remain ex...
Insolvency moratorium bars income-tax revision proceedings against corporate debtors until the moratorium ends, preserving merits for later determinat...
Penalty under section 271(1)(c) is not leviable where a taxpayer fully discloses a slump-sale transaction, consideration and negative net worth, but computes capital gains by treating negative net worth as nil on a bona fide legal interpretation. A claim that is ultimately unsustainable does not amount to furnishing inaccurate particulars merely because a quantum addition is sustained or not contested. Divergent Tribunal views and admission of a substantial question of law support the conclusion that the treatment of negative net worth was genuinely debatable. The penalty deletion was sustained and the Revenue's appeal failed.
Penalty under section 271(1)(c) is not leviable where a taxpayer fully discloses a slump-sale transaction, consideration and negative net worth, but computes capital gains by treating negative net worth as nil on a bona fide legal interpretation. A claim that is ultimately unsustainable does not amount to furnishing inaccurate particulars merely because a quantum addition is sustained or not contested. Divergent Tribunal views and admission of a substantial question of law support the conclusion that the treatment of negative net worth was genuinely debatable. The penalty deletion was sustained and the Revenue's appeal failed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
