Suspension of insolvency professional registration prevents continued Resolution Professional appointments and restricts interim stays that effectivel...
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Deletion of reassessment additions through an appeal-effect order removed the basis for concealment penalty, as no concealed income remained when the penalty order was passed. The Tribunal therefore deleted the concealment penalty. Penalty for non-compliance with statutory notices was also deleted where the assessee had stated, through affidavits, unfamiliarity with tax law and reliance on a professional for compliance. The Tribunal treated these circumstances as warranting relief in the interest of justice, allowing both appeals and deleting both penalties.
Deletion of reassessment additions through an appeal-effect order removed the basis for concealment penalty, as no concealed income remained when the penalty order was passed. The Tribunal therefore deleted the concealment penalty. Penalty for non-compliance with statutory notices was also deleted where the assessee had stated, through affidavits, unfamiliarity with tax law and reliance on a professional for compliance. The Tribunal treated these circumstances as warranting relief in the interest of justice, allowing both appeals and deleting both penalties.
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