Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
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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