Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Penalty u/s 271C - non-remittance of TDS deducted to the Government account - assessee has not given any satisfactory explanation either before the AO nor before the CIT(A) and even not before ITAT - penalty provisions u/s 271C are applicable not only failure to deduct tax but also failure to remit the tax deducted to the Government account - penalty upheld
Penalty u/s 271C - non-remittance of TDS deducted to the Government account - assessee has not given any satisfactory explanation either before the AO nor before the CIT(A) and even not before ITAT - penalty provisions u/s 271C are applicable not only failure to deduct tax but also failure to remit the tax deducted to the Government account - penalty upheld
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