Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
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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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