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 271D - reasonable cause - mere proof regarding genuineness of the transaction or the intention in accepting the amounts in cash or that there was no attempt to induct black money into the business etc. cannot be considered as a reasonable cause or as compelling circumstances provided u/s 273B to avoid the penal action contemplated u/s 271D, with respect to violation of the provisions contained under Section 269SS.
Penalty u/s 271D - reasonable cause - mere proof regarding genuineness of the transaction or the intention in accepting the amounts in cash or that there was no attempt to induct black money into the business etc. cannot be considered as a reasonable cause or as compelling circumstances provided u/s 273B to avoid the penal action contemplated u/s 271D, with respect to violation of the provisions contained under Section 269SS.
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