Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Penalty u/s 271 (1) (c) - under reporting of student fee - In the case in hand the assessee, though explained the reasons for discrepancy in the fee recorded in the books of accounts however, the actual fee received by the assessee as detected during the survey proceedings is not in dispute therefore, such an explanation for discrepancies without any supporting evidence and proper details cannot be accepted as bona-fide or reasonable. - Levy of penalty confirmed - AT
Penalty u/s 271 (1) (c) - under reporting of student fee - In the case in hand the assessee, though explained the reasons for discrepancy in the fee recorded in the books of accounts however, the actual fee received by the assessee as detected during the survey proceedings is not in dispute therefore, such an explanation for discrepancies without any supporting evidence and proper details cannot be accepted as bona-fide or reasonable. - Levy of penalty confirmed - AT
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