Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
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Levy of penalty - in case of confirmation of demand u/s 73(A) there is no application of Section 76 and 78 for imposition of penalty. Therefore, the adjudicating authority has rightly not imposed the penalty u/s 76 & 78. - However, the respondent has not followed the provision such as non-obtaining the service tax registration nor deposited the service tax collected from their customer on their own therefore, in terms of Section 77 they are liable to pay penalty of Rs.10,000/-. - AT
Levy of penalty - in case of confirmation of demand u/s 73(A) there is no application of Section 76 and 78 for imposition of penalty. Therefore, the adjudicating authority has rightly not imposed the penalty u/s 76 & 78. - However, the respondent has not followed the provision such as non-obtaining the service tax registration nor deposited the service tax collected from their customer on their own therefore, in terms of Section 77 they are liable to pay penalty of Rs.10,000/-. - AT
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