Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
ITAT cancelled penalty under s271B for failure to furnish tax audit report under s44AB. Assessee, a first-time taxpayer from remote area, had engaged CA who audited books but failed to upload report. Though assessment was completed under s144, assessee later produced audit report dated 18.09.2017 during CIT(A) proceedings. Considering assessee's remote location, limited access to professional services, first-time tax filing status, and default being attributable to CA's failure rather than willful non-compliance, ITAT held penalty was not warranted. The technical breach occurred due to professional's oversight and lack of proper guidance to a small taxpayer, making it a fit case for penalty cancellation.
ITAT cancelled penalty under s271B for failure to furnish tax audit report under s44AB. Assessee, a first-time taxpayer from remote area, had engaged CA who audited books but failed to upload report. Though assessment was completed under s144, assessee later produced audit report dated 18.09.2017 during CIT(A) proceedings. Considering assessee's remote location, limited access to professional services, first-time tax filing status, and default being attributable to CA's failure rather than willful non-compliance, ITAT held penalty was not warranted. The technical breach occurred due to professional's oversight and lack of proper guidance to a small taxpayer, making it a fit case for penalty cancellation.
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