Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
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The Income Tax Appellate Tribunal deleted the penalty levied u/s 271(1)(b) for non-compliance with a notice issued u/s 142(1) during reassessment proceedings. Considering the extraordinary circumstances of the Covid-19 pandemic, lockdowns, and the suffering caused, the Tribunal held that the department should have taken a liberal view in condoning the default. The assessee's non-compliance was covered u/s 273B, read with Section 271(1)(b), as Section 271(1)(b) is subject to Section 273B. The assessee's appeal was allowed, and the penalty was deleted.
The Income Tax Appellate Tribunal deleted the penalty levied u/s 271(1)(b) for non-compliance with a notice issued u/s 142(1) during reassessment proceedings. Considering the extraordinary circumstances of the Covid-19 pandemic, lockdowns, and the suffering caused, the Tribunal held that the department should have taken a liberal view in condoning the default. The assessee's non-compliance was covered u/s 273B, read with Section 271(1)(b), as Section 271(1)(b) is subject to Section 273B. The assessee's appeal was allowed, and the penalty was deleted.
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