Internal CUP benchmarking for fixed-rate Masala Bonds prevails over floating external comparables, eliminating the related transfer-pricing adjustment...
Jurisdictional validity of revision notices: incorrect official capacity and mere change of opinion invalidate revision of property income assessments...
Bogus-purchase additions are limited to embedded profit where corresponding sales are accepted, while accommodation-entry information can support reas...
Under-reporting and misreporting of income attract distinct penalty treatment: under-reporting is penalised at 50% of the tax payable, while under-reporting resulting from misreporting attracts 200% only where specified factual circumstances establish misreporting. Omission of interest income constituted under-reporting, but non-resident status, reliance on an accountant, limited technological knowledge, and later payment of tax and interest did not establish deliberate misreporting. Departmental detection and non-response to notices alone were insufficient for the enhanced penalty. The penalty was therefore restricted to under-reporting, with recomputation. Statutory and show-cause notices, along with opportunities to respond during penalty proceedings, satisfied hearing requirements where the taxpayer did not use those opportunities.
Under-reporting and misreporting of income attract distinct penalty treatment: under-reporting is penalised at 50% of the tax payable, while under-reporting resulting from misreporting attracts 200% only where specified factual circumstances establish misreporting. Omission of interest income constituted under-reporting, but non-resident status, reliance on an accountant, limited technological knowledge, and later payment of tax and interest did not establish deliberate misreporting. Departmental detection and non-response to notices alone were insufficient for the enhanced penalty. The penalty was therefore restricted to under-reporting, with recomputation. Statutory and show-cause notices, along with opportunities to respond during penalty proceedings, satisfied hearing requirements where the taxpayer did not use those opportunities.
Note: It is a system-generated summary and is for quick reference only.