Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
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ITAT held that penalty proceedings u/s 271AAB initiated in order u/s 143(3) became time-barred on 30.9.2017 as no substantive order was passed within statutory limitation period under section 275(1)(a). The Tribunal found the penalty notice defective for failing to specify precise grounds of concealment. Consequently, the penalty order levied on Rs. 1 crore addition was deleted. The assessee's appeal was allowed, effectively quashing the penalty proceedings due to procedural irregularities and limitation constraints in initiating and concluding penalty action.
ITAT held that penalty proceedings u/s 271AAB initiated in order u/s 143(3) became time-barred on 30.9.2017 as no substantive order was passed within statutory limitation period under section 275(1)(a). The Tribunal found the penalty notice defective for failing to specify precise grounds of concealment. Consequently, the penalty order levied on Rs. 1 crore addition was deleted. The assessee's appeal was allowed, effectively quashing the penalty proceedings due to procedural irregularities and limitation constraints in initiating and concluding penalty action.
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