Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
A penalty notice for undisclosed income must specify the precise statutory limb or category of penalty invoked under section 271AAB. The note explains that failure to identify the applicable charge prevents the assessee from addressing the exact allegation and undermines a reasonable opportunity of defence. It states that a notice issued under section 274 read with section 271AAB without this specification is invalid, and that a penalty founded on such defective initiation is liable to be deleted.
A penalty notice for undisclosed income must specify the precise statutory limb or category of penalty invoked under section 271AAB. The note explains that failure to identify the applicable charge prevents the assessee from addressing the exact allegation and undermines a reasonable opportunity of defence. It states that a notice issued under section 274 read with section 271AAB without this specification is invalid, and that a penalty founded on such defective initiation is liable to be deleted.
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