Fair market value under section 50C must reflect existing property condition, not hypothetical development, and statutory valuation steps must be foll...
Page of 4798
Press 'Enter' after typing page number.
1801 to 1820 of 95957 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Acceptance or repayment of loans through journal entries was treated as a violation of the statutory requirement to use recognised banking modes, attracting exposure to penalty under sections 271D and 271E. The Tribunal held that immunity under section 273B is available only where the assessee proves reasonable cause, and on the facts no compelling business necessity, unavoidable circumstance, or contemporaneous material was shown to justify bypassing normal banking channels. Mere assertions of bona fides, genuineness, or convenience were found insufficient. The penalties were therefore upheld and the appeals were dismissed.
Acceptance or repayment of loans through journal entries was treated as a violation of the statutory requirement to use recognised banking modes, attracting exposure to penalty under sections 271D and 271E. The Tribunal held that immunity under section 273B is available only where the assessee proves reasonable cause, and on the facts no compelling business necessity, unavoidable circumstance, or contemporaneous material was shown to justify bypassing normal banking channels. Mere assertions of bona fides, genuineness, or convenience were found insufficient. The penalties were therefore upheld and the appeals were dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
