On finding that assessee had made bona fide mistakes in the computation of its total income while filing its original return, which were later corrected by filing revised computation during assessment proceedings, the Mumbai ITAT deleted the penalty levied u/s 271 of the Income Tax Act. The Bench of the ITAT comprising of Sandeep Singh Karhail and Prashant Maharishi observed …
The Bombay High Court has ruled that while deciding the petition under Section 34 of the Arbitration and Conciliation Act, 1996, the Court is not precluded from considering the findings and conclusions contained in the dissenting opinion of a minority member of the Arbitral Tribunal. Referring to the Supreme Court's decision in McDermott International Inc. versus Burn Standard Co. Ltd. …
