Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
The Appellate Tribunal considered a case involving penalty u/s 271(1)(C) for non-filing of income tax return despite taxable income and interest income. Assessee disclosed income upon receiving notice u/s 148, rectified tax discrepancy, and paid balance tax. The Tribunal noted the applicability of special provisions for non-resident assessee and held that penalty was unjust as error was on deductor's part as the TDS was deductible at source u/s 195. Citing legal precedents, the Tribunal emphasized that absence of due care does not imply deliberate concealment. The Tribunal ruled in favor of the assessee, highlighting that penalty imposition was incorrect.
The Appellate Tribunal considered a case involving penalty u/s 271(1)(C) for non-filing of income tax return despite taxable income and interest income. Assessee disclosed income upon receiving notice u/s 148, rectified tax discrepancy, and paid balance tax. The Tribunal noted the applicability of special provisions for non-resident assessee and held that penalty was unjust as error was on deductor's part as the TDS was deductible at source u/s 195. Citing legal precedents, the Tribunal emphasized that absence of due care does not imply deliberate concealment. The Tribunal ruled in favor of the assessee, highlighting that penalty imposition was incorrect.
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