Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
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Levy of penalty u/s 271B - failure to get accounts audited as per the provisions of section 44AB - From the perusal of the profit and loss account we further find that the assessee incurred a net loss during the year under consideration, which in the absence of filing the return of income within the due date cannot be carried forward and set off. Thus, the non-filing of the return of income and audited accounts cannot in any way be said to be beneficial to the assessee. - No penalty - AT
Levy of penalty u/s 271B - failure to get accounts audited as per the provisions of section 44AB - From the perusal of the profit and loss account we further find that the assessee incurred a net loss during the year under consideration, which in the absence of filing the return of income within the due date cannot be carried forward and set off. Thus, the non-filing of the return of income and audited accounts cannot in any way be said to be beneficial to the assessee. - No penalty - AT
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