Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
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The ITAT considered levy of penalty u/s 271B for a default related to Tax Audit Report u/s 44AB. The appellant obtained the audit report on time but inadvertently submitted wrong information in the ITR. Tax authorities rejected this explanation, alleging non-compliance with u/s 44AB. However, the auditor confirmed preparing the audit report timely. The ITAT found the penalty unjust as the audit report was obtained within the deadline, and the mistake was due to selecting the wrong column in the ITR. Consequently, the penalty u/s 271B was deemed inapplicable, and the appellant's appeal was allowed.
The ITAT considered levy of penalty u/s 271B for a default related to Tax Audit Report u/s 44AB. The appellant obtained the audit report on time but inadvertently submitted wrong information in the ITR. Tax authorities rejected this explanation, alleging non-compliance with u/s 44AB. However, the auditor confirmed preparing the audit report timely. The ITAT found the penalty unjust as the audit report was obtained within the deadline, and the mistake was due to selecting the wrong column in the ITR. Consequently, the penalty u/s 271B was deemed inapplicable, and the appellant's appeal was allowed.
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