Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
Preventive suspension requires an immediate continuing threat and cannot become indefinite without inquiry, fresh evidence, or proportionate safeguard...
Page of 4800
Press 'Enter' after typing page number.
261 to 280 of 96000 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The Income Tax Appellate Tribunal dismissed the department's appeal against the Commissioner of Income Tax (Appeals) order cancelling the penalty u/s 271AA imposed on the assessee for non-maintenance of documents relating to international transactions. The Tribunal observed that the assessee did not have any international transaction during the relevant year, but only had domestic transactions with an associated enterprise. The Tax Audit Report and purchase ledger extracts confirmed the assessee's purchases were from a domestic company, not a foreign enterprise as alleged. The Tribunal also noted that the provisions related to specified domestic transactions u/s 92BA were not applicable to the assessee for the relevant assessment year after the omission of Section 40A(2)(b) by the Finance Act, 2017. Consequently, the penalty imposed u/s 271AA was not sustainable.
The Income Tax Appellate Tribunal dismissed the department's appeal against the Commissioner of Income Tax (Appeals) order cancelling the penalty u/s 271AA imposed on the assessee for non-maintenance of documents relating to international transactions. The Tribunal observed that the assessee did not have any international transaction during the relevant year, but only had domestic transactions with an associated enterprise. The Tax Audit Report and purchase ledger extracts confirmed the assessee's purchases were from a domestic company, not a foreign enterprise as alleged. The Tribunal also noted that the provisions related to specified domestic transactions u/s 92BA were not applicable to the assessee for the relevant assessment year after the omission of Section 40A(2)(b) by the Finance Act, 2017. Consequently, the penalty imposed u/s 271AA was not sustainable.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4800
Join Channel
TaxTMI 
