Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Assessee's appeal allowed by ITAT against penalty u/s 271B for non-compliance with Section 44AB. Assessee demonstrated reasonable cause for failure to file return and tax audit report within due date. Assessee had honest belief of not being required to file return due to nil taxable income after deductions. Upon receiving notice u/s 142(1), assessee immediately appointed CA firm, conducted tax audit, and filed return. ITAT held assessee's conduct showed reasonable cause u/s 273B for initial non-compliance.
Assessee's appeal allowed by ITAT against penalty u/s 271B for non-compliance with Section 44AB. Assessee demonstrated reasonable cause for failure to file return and tax audit report within due date. Assessee had honest belief of not being required to file return due to nil taxable income after deductions. Upon receiving notice u/s 142(1), assessee immediately appointed CA firm, conducted tax audit, and filed return. ITAT held assessee's conduct showed reasonable cause u/s 273B for initial non-compliance.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
