Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
The Appellate Tribunal considered a case involving the levy of penalty u/s 272A(1)(d) for non-compliance with a notice u/s 142(1) due to the Accountant's Covid-19 illness. The unproved sundry creditors were brought to tax u/s 69A r.w.s. 115BBE(1). The Tribunal held that the assessee responded to the final show cause notice during faceless assessment proceedings, explaining the delay due to the Accountant's illness. The new Accountant collected information and submitted it to the assessing officer. The Tribunal found reasonable cause for non-compliance with statutory notices u/s 142(1) and deemed the subsequent penalty unjustified. Considering the transition to digital assessment proceedings, the delay in compliance was deemed bona fide. Therefore, the penalty u/s 272A(1)(d) was deleted, and the assessee's appeal was allowed.
The Appellate Tribunal considered a case involving the levy of penalty u/s 272A(1)(d) for non-compliance with a notice u/s 142(1) due to the Accountant's Covid-19 illness. The unproved sundry creditors were brought to tax u/s 69A r.w.s. 115BBE(1). The Tribunal held that the assessee responded to the final show cause notice during faceless assessment proceedings, explaining the delay due to the Accountant's illness. The new Accountant collected information and submitted it to the assessing officer. The Tribunal found reasonable cause for non-compliance with statutory notices u/s 142(1) and deemed the subsequent penalty unjustified. Considering the transition to digital assessment proceedings, the delay in compliance was deemed bona fide. Therefore, the penalty u/s 272A(1)(d) was deleted, and the assessee's appeal was allowed.
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