Binding precedent remains operative despite pending challenge, supporting deletion of interest disallowance when debt is converted into preference sha...
Enhanced penalty for misreporting under section 270A requires proof from the assessee's own conduct that it misrepresented or suppressed facts or furnished false particulars. Mere disallowance of a deduction for political contributions under section 80GGC does not establish misreporting where the claim and banking-channel payment were disclosed and not disproved. General investigation findings concerning the recipient political party cannot replace an independent penalty inquiry. The penalty for alleged misreporting was deleted.
Enhanced penalty for misreporting under section 270A requires proof from the assessee's own conduct that it misrepresented or suppressed facts or furnished false particulars. Mere disallowance of a deduction for political contributions under section 80GGC does not establish misreporting where the claim and banking-channel payment were disclosed and not disproved. General investigation findings concerning the recipient political party cannot replace an independent penalty inquiry. The penalty for alleged misreporting was deleted.
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TaxTMI 
TaxTMI 
of 4908 
