Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
For futures and options transactions, turnover for tax-audit purposes is computed under the ICAI Guidance Note by aggregating favourable and unfavourable differences, option-sale premiums, and differences from reverse trades, while treating each purchase-and-sale transaction independently. Applying that method, the assessee's derivatives turnover remained below the threshold for compulsory audit under section 44AB. Consequently, penalty for failure to furnish a tax audit report under section 271B was deleted.
For futures and options transactions, turnover for tax-audit purposes is computed under the ICAI Guidance Note by aggregating favourable and unfavourable differences, option-sale premiums, and differences from reverse trades, while treating each purchase-and-sale transaction independently. Applying that method, the assessee's derivatives turnover remained below the threshold for compulsory audit under section 44AB. Consequently, penalty for failure to furnish a tax audit report under section 271B was deleted.
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