Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
Page of 4828
Press 'Enter' after typing page number.
161 to 180 of 96556 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The assessee had not obtained and furnished the Audit Report from the Accountant within the due date. The Tribunal held that the levy of penalty u/s 271B is not automatic. Before levying penalty, the concerned officer must find that the failure was without reasonable cause. The initial burden is on the assessee to show reasonable cause for the failure. 'Reasonable cause' means an honest belief founded on reasonable grounds that the action was the right thing to do. In this case, as it was the first year of audit and the assessee had not filed returns previously due to income below the taxable limit, the assessee was unaware of the requirement to file the audit report by the due date. The assessee believed the report could be filed along with the return u/s 139(4). The Tribunal found it was a technical breach without any loss to the government, and the audit report was made available before assessment completion. Considering the assessee's bonafide intention and lack of malafide, the penalty u/s 271B was not leviable. The assessee's appeal was allowed.
The assessee had not obtained and furnished the Audit Report from the Accountant within the due date. The Tribunal held that the levy of penalty u/s 271B is not automatic. Before levying penalty, the concerned officer must find that the failure was without reasonable cause. The initial burden is on the assessee to show reasonable cause for the failure. 'Reasonable cause' means an honest belief founded on reasonable grounds that the action was the right thing to do. In this case, as it was the first year of audit and the assessee had not filed returns previously due to income below the taxable limit, the assessee was unaware of the requirement to file the audit report by the due date. The assessee believed the report could be filed along with the return u/s 139(4). The Tribunal found it was a technical breach without any loss to the government, and the audit report was made available before assessment completion. Considering the assessee's bonafide intention and lack of malafide, the penalty u/s 271B was not leviable. The assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
