Customs Assessment Portal centralises classification and valuation guidance to support consistent, transparent and informed compliance across stakehol...
GST refunds for cancelled air tickets remain available when passenger reimbursements defeat unjust enrichment and credit-note adjustment is unavailabl...
Penalty u/s 271B - no tax audit conducted u/s 44AB - bonafide belief - When Gross profit is more than Rs.4 crores, it means the Gross Receipts were definitely more than Rs.1 crores - Assessee in the case has receipts more than Rs.1 crores. Therefore, the assessee was under obligation to audit the books of account as per section 44AB of the Act - any amount above Rs.1 crores will attract minimum penalty of Rs.1,50,000/- - AT
Penalty u/s 271B - no tax audit conducted u/s 44AB - bonafide belief - When Gross profit is more than Rs.4 crores, it means the Gross Receipts were definitely more than Rs.1 crores - Assessee in the case has receipts more than Rs.1 crores. Therefore, the assessee was under obligation to audit the books of account as per section 44AB of the Act - any amount above Rs.1 crores will attract minimum penalty of Rs.1,50,000/- - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
