Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
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.
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