Tag Archives: IN THE ITAT BANGALORE BENCH ‘B’

Vague Penalty Notices and Correctly Recorded Ongoing Financial Year Expenses Cannot Support Under-Reporting or Undisclosed Income Penalties

By | October 26, 2026
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Vague Penalty Notices and Correctly Recorded Ongoing Financial Year Expenses Cannot Support Under-Reporting or Undisclosed Income Penalties Issue Whether a penalty notice issued under Section 274 read with Section 270A without specifying the precise clause of Section 270A(2) is legally sustainable? Whether expenditure recorded in unofficial books (kaccha books) during an ongoing financial year can… Read More »

Consideration received on issuing FCCDs falls outside Section 56(2)(viib) as debentures are not equity shares.

By | September 26, 2026
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Consideration received on issuing FCCDs falls outside Section 56(2)(viib) as debentures are not equity shares. Issue Whether consideration received by an assessee-company towards the issuance of Fully Compulsory Convertible Debentures (FCCDs), which are convertible into equity shares at a future date, can be equated with the issue of equity shares so as to invoke the… Read More »