Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4884 
