Capital-gains exemption for charitable trusts extends to qualifying fixed deposits, while unrecoverable TDS write-offs may constitute income applicati...
India-UK treaty characterisation of telecom-service receipts as business profits withstands unilateral domestic-law amendments for Indian tax purposes...
Transfer-pricing reimbursement adjustments require uncontrolled comparables and cannot become expense-genuineness reviews, resulting in deletion of th...
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Penalty for under-reported income is excluded where the taxpayer provides a bona fide explanation and fully discloses supporting material facts. Uploading audit records, paying relevant taxes before reassessment, and filing income accepted without additions supported cancellation under section 270A. Delayed tax-audit reporting does not attract penalty where reasonable cause is established: director disputes during the pandemic delayed account finalisation, while prompt upload after finalisation and absence of prejudice supported cancellation under section 271B.
Penalty for under-reported income is excluded where the taxpayer provides a bona fide explanation and fully discloses supporting material facts. Uploading audit records, paying relevant taxes before reassessment, and filing income accepted without additions supported cancellation under section 270A. Delayed tax-audit reporting does not attract penalty where reasonable cause is established: director disputes during the pandemic delayed account finalisation, while prompt upload after finalisation and absence of prejudice supported cancellation under section 271B.
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