Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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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