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“Since the assessee has shown the reasonable cause within the meaning of Section 273B of the Act, the assessee is not liable to pay penalty under Section 271E of the Act for non-compliance of Section 269T of the Act.”
The Court stated that TOLA will continue to apply to the Income Tax Act after 1-4-2021 if any action or proceeding specified under the substituted provisions of the Income Tax Act falls for completion between 20-3-2020 and 31-3-2021.
In a retrospective application of Sections 50 and 52 of Black Money (Undisclosed Foreign Income and Assets) Imposition of Tax Act, 2015, the Income Tax Dept. had fastened criminal liability on the petitioners for non-disclosure of tax return assessment for 2007-08 and 2009-10.
It is wholly insufficient to proceed to make an addition on the basis that CBIC is an apex body and information provided by it cannot be doubted, without even analyzing such information.
Vera Samadhan Yojana-2019 is a benevolent scheme floated by the State for the assessees to see that principal amount of tax is recovered on waiver of interest and penalty, if any, so as to reduce the future litigation.
Supreme Court: In an interesting case relating to corruption, the Division Bench of Ajay Rastogi and Abhay S. Oka*, JJ., acquitted a
Supreme Court: IN a major for the NDTV Ltd, the bench of L. Nageswara Rao and Deepak Gupta, JJ has quashed the