Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
Journal-entry transfers of outstanding loans during restructuring of related concerns may constitute reasonable cause for non-compliance with the prescribed mode of loan acceptance where the original loans were received through banking channels, no cash movement occurred, and the transactions are genuine. The notes explain that journal entries are a recognised method of recording business transactions and that penalty protection may apply if there is no adverse finding of non-business use or movement of money. On the stated facts, transfer of genuine loans through journal entries to support a business takeover and financial transition was treated as supported by reasonable cause, resulting in deletion of the remaining penalty.
Journal-entry transfers of outstanding loans during restructuring of related concerns may constitute reasonable cause for non-compliance with the prescribed mode of loan acceptance where the original loans were received through banking channels, no cash movement occurred, and the transactions are genuine. The notes explain that journal entries are a recognised method of recording business transactions and that penalty protection may apply if there is no adverse finding of non-business use or movement of money. On the stated facts, transfer of genuine loans through journal entries to support a business takeover and financial transition was treated as supported by reasonable cause, resulting in deletion of the remaining penalty.
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