Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
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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