Penalty proceedings are to be confined only to the ground mentioned in penalty notice. In case, the penalty notice was issued on the ground that assessee ‘had furnished inaccurate particulars of income’, assessee cannot be proceeded against on the ground that it ‘had concealed true and correct particulars of income’. Impugned penalty order not sustainable in law.
Kshema Geo Holdings (P.) Ltd. v. ITO – [2023] 151 taxmann.com 293 (Karnataka).
Sec. 145 – Lease Equalisation Charges – There is no express bar in the Act regarding application of accounting standards prescribed by ICAI, thus, deduction on account of lease equalisation charges from lease rental income can be allowed under the Act on the basis of these accounting standards.
Sehgal Leasing Investments Ltd. v. DCIT – [2023] 151 taxmann.com 252 (Telangana).