Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
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...
The ITAT Delhi ruled on penalty u/s 271FA for non-filing of return/Statement of Financial Transaction (SFT) u/s 285BA(1). Assessee reported no reportable transactions in Tax Audit Report, thus no SFT filing was required. Penalty was imposed despite the absence of reportable transactions. Citing M/S Guntur District Co-operative Central Bank Ltd., ITAT held that the assessee's belief of no filing requirement due to lack of reportable transactions was reasonable under u/s 273B. AO was directed to delete the penalty u/s 271FA. The assessee's ground was allowed.
The ITAT Delhi ruled on penalty u/s 271FA for non-filing of return/Statement of Financial Transaction (SFT) u/s 285BA(1). Assessee reported no reportable transactions in Tax Audit Report, thus no SFT filing was required. Penalty was imposed despite the absence of reportable transactions. Citing M/S Guntur District Co-operative Central Bank Ltd., ITAT held that the assessee's belief of no filing requirement due to lack of reportable transactions was reasonable under u/s 273B. AO was directed to delete the penalty u/s 271FA. The assessee's ground was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4789
Join Channel
TaxTMI 
