Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
Scientific research association approval requires continuing SIRO status, annual donation reporting, and donor certificates for the approved foundatio...
Scientific research institution approval is conditional on SIRO recognition, annual donation reporting, donor certification, and prescribed compliance...
The ITAT considered a case involving Penalty u/s 271B for not auditing books as per section 44AB. The Assessee argued books were not updated by the due date for audit under 44AB. The ITAT found the Assessee did not file returns u/s 139(1) and only did so after a notice u/s 148, indicating books were not updated timely. As per legal precedents, non-maintenance of accounts attracts penalty u/s 271A, not 271B. The ITAT ruled in favor of the Assessee, stating failure to maintain books by the due date u/s 139(1) absolved them from penalty u/s 271B for not auditing accounts. The contention that books were updated later was dismissed.
The ITAT considered a case involving Penalty u/s 271B for not auditing books as per section 44AB. The Assessee argued books were not updated by the due date for audit under 44AB. The ITAT found the Assessee did not file returns u/s 139(1) and only did so after a notice u/s 148, indicating books were not updated timely. As per legal precedents, non-maintenance of accounts attracts penalty u/s 271A, not 271B. The ITAT ruled in favor of the Assessee, stating failure to maintain books by the due date u/s 139(1) absolved them from penalty u/s 271B for not auditing accounts. The contention that books were updated later was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4891 
