Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Page of 4883
Press 'Enter' after typing page number.
41 to 60 of 97649 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
ITAT upheld CIT(A)'s order, rejecting revenue's penalty claim under section 270A against a charitable trust. The tribunal found no conditions met for penalty imposition, noting the assessee voluntarily filed a revised computation with corrected revenue expenditure. The tribunal determined the excess expenditure claim was within the statutory 15% limit under section 11(1)(a), and the discrepancy did not constitute a deliberate attempt to under-report income. Consequently, the penalty was deleted, and the decision was rendered in favor of the assessee.
ITAT upheld CIT(A)'s order, rejecting revenue's penalty claim under section 270A against a charitable trust. The tribunal found no conditions met for penalty imposition, noting the assessee voluntarily filed a revised computation with corrected revenue expenditure. The tribunal determined the excess expenditure claim was within the statutory 15% limit under section 11(1)(a), and the discrepancy did not constitute a deliberate attempt to under-report income. Consequently, the penalty was deleted, and the decision was rendered in favor of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4883 
