Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
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Penalty for failure to furnish a tax audit report was deleted where consistent past and subsequent treatment of bank interest as income from other sources supported a bona fide belief that the audit requirement was not attracted. The assessee had disclosed the interest uniformly in earlier and later years, and that treatment had been accepted in section 143(1) intimations. As the Revenue produced no material of deliberate or conscious default, the failure was treated as covered by reasonable cause, making the penalty unsustainable.
Penalty for failure to furnish a tax audit report was deleted where consistent past and subsequent treatment of bank interest as income from other sources supported a bona fide belief that the audit requirement was not attracted. The assessee had disclosed the interest uniformly in earlier and later years, and that treatment had been accepted in section 143(1) intimations. As the Revenue produced no material of deliberate or conscious default, the failure was treated as covered by reasonable cause, making the penalty unsustainable.
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