Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Levy of penalty u/s 271B - failure to get accounts audited in terms of provisions of section 44AB - Determination of turnover in the context of a share broker's income - The Appellate Tribunal ruled in favor of the assessee, holding that only commission income earned constitutes turnover for a share broker, not the sale consideration of shares. It also rejected the Revenue's argument regarding the proviso to section 44AB. - As a result, the Tribunal directed the deletion of the penalty imposed under section 271B of the Act.
Levy of penalty u/s 271B - failure to get accounts audited in terms of provisions of section 44AB - Determination of turnover in the context of a share broker's income - The Appellate Tribunal ruled in favor of the assessee, holding that only commission income earned constitutes turnover for a share broker, not the sale consideration of shares. It also rejected the Revenue's argument regarding the proviso to section 44AB. - As a result, the Tribunal directed the deletion of the penalty imposed under section 271B of the Act.
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