SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
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The ITAT, an Appellate Tribunal, addressed the issue of penalty u/s 271B for failure to maintain and audit books of accounts under section 44AB. The assessee did not maintain books of account, leading to a violation of section 44AA. The penalty under section 271B was imposed for non-submission of books, despite the assessee not having any to produce. The Tribunal found the penalty imposed by the Assessing Officer to be erroneous, directing its deletion. The assessee's appeal was allowed.
The ITAT, an Appellate Tribunal, addressed the issue of penalty u/s 271B for failure to maintain and audit books of accounts under section 44AB. The assessee did not maintain books of account, leading to a violation of section 44AA. The penalty under section 271B was imposed for non-submission of books, despite the assessee not having any to produce. The Tribunal found the penalty imposed by the Assessing Officer to be erroneous, directing its deletion. The assessee's appeal was allowed.
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