Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
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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