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...
For a kachha arhtia, tax-audit turnover comprises only commission earned and excludes sale proceeds of goods belonging to principals. Where the accepted commission income remains below the prescribed limit, no tax-audit obligation arises. The notes also state that a penalty for failure to obtain audit cannot apply where the Revenue's position is that no books of account were maintained, because audit presupposes existing books. On the separate obligation to maintain books, the statutory conditions under section 44AA must be examined with reference to the preceding three previous years after allowing the taxpayer to explain the relevant facts. The books-maintenance penalty was remanded for fresh examination, while the tax-audit penalty was deleted.
For a kachha arhtia, tax-audit turnover comprises only commission earned and excludes sale proceeds of goods belonging to principals. Where the accepted commission income remains below the prescribed limit, no tax-audit obligation arises. The notes also state that a penalty for failure to obtain audit cannot apply where the Revenue's position is that no books of account were maintained, because audit presupposes existing books. On the separate obligation to maintain books, the statutory conditions under section 44AA must be examined with reference to the preceding three previous years after allowing the taxpayer to explain the relevant facts. The books-maintenance penalty was remanded for fresh examination, while the tax-audit penalty was deleted.
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