Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Page of 4792
Press 'Enter' after typing page number.
1021 to 1040 of 95833 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
