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 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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