Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Complaint filed u/s 276CC for non-filing of returns. Assessee argued no taxable income and department accepted it. Proviso B of Section 276CC exempts prosecution if tax payable after regular assessment does not exceed Rs. 3,000/-. Principal Commissioner clarified this exemption applies only when regular assessment is framed, which was not done in this case. Court followed Anil Kumar Sinha vs. Union of India and CIT vs. Kerala Chemicals and Proteins Limited judgments, holding assessee does not fall under regular assessment to get exemption under proviso to Section 276CC. Trial already commenced, complainant examined, cross-examination deferred at petitioner's request. Not a fit case for quashing, petitioner to face trial and put forth defense.
Complaint filed u/s 276CC for non-filing of returns. Assessee argued no taxable income and department accepted it. Proviso B of Section 276CC exempts prosecution if tax payable after regular assessment does not exceed Rs. 3,000/-. Principal Commissioner clarified this exemption applies only when regular assessment is framed, which was not done in this case. Court followed Anil Kumar Sinha vs. Union of India and CIT vs. Kerala Chemicals and Proteins Limited judgments, holding assessee does not fall under regular assessment to get exemption under proviso to Section 276CC. Trial already commenced, complainant examined, cross-examination deferred at petitioner's request. Not a fit case for quashing, petitioner to face trial and put forth defense.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
