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5 orders · Page 1 of 1
The Tribunal noted that the Revenue had no objection to the withdrawal of the appeal. Therefore, the appeal was dismissed as withdrawn.
The tribunal held that the disallowance for non-deduction of TDS on shipping expenses was not required in light of CBDT Circular No. 723. The addition for the difference in M/s Eskay Sales Corporation's account and ad-hoc disallowances of expenses were also deleted.
The Tribunal held that a penalty notice under section 274 read with section 271(1)(c) must be specific about the charge. Since the notice in this case was not specific, it was considered void ab initio and the penalty levied was illegal.