Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
ITAT adjudicated a tax collection at source (TCS) penalty case involving coal and lignite sales. The tribunal found reasonable cause under Section 273B for delayed TCS compliance, noting the taxpayer had ultimately deposited Rs. 87,750/- in the same financial year and the delay resulted from personnel illness. Despite initial non-compliance, the taxpayer submitted challans evidencing payment. The tribunal set aside the CIT(A) order, directing the Assessing Officer to delete the penalty levy, thereby accepting the taxpayer's contention of reasonable cause and procedural irregularity. The penalty under Section 271CA was consequently quashed.
ITAT adjudicated a tax collection at source (TCS) penalty case involving coal and lignite sales. The tribunal found reasonable cause under Section 273B for delayed TCS compliance, noting the taxpayer had ultimately deposited Rs. 87,750/- in the same financial year and the delay resulted from personnel illness. Despite initial non-compliance, the taxpayer submitted challans evidencing payment. The tribunal set aside the CIT(A) order, directing the Assessing Officer to delete the penalty levy, thereby accepting the taxpayer's contention of reasonable cause and procedural irregularity. The penalty under Section 271CA was consequently quashed.
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