Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
Levy of penalty u/s. 271B - default in furnishing of Tax Audit Report - In section 271B of the Act, the only requirement is to get the accounts of assessee audited or furnish the report of audit as required u/s 44AB of the Act. There is no requirement either to file or supply at the time of filing of return of income. The only requirement is to get accounts audited. - Assessee had filed the proof of furnishing the audit report before AO - No penalty - AT
Levy of penalty u/s. 271B - default in furnishing of Tax Audit Report - In section 271B of the Act, the only requirement is to get the accounts of assessee audited or furnish the report of audit as required u/s 44AB of the Act. There is no requirement either to file or supply at the time of filing of return of income. The only requirement is to get accounts audited. - Assessee had filed the proof of furnishing the audit report before AO - No penalty - AT
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