Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
ITAT held that penalty u/s 272A(1)(c) for non-compliance of summons is not sustainable. The tribunal found no substantive evidence of willful default by the assessee. First notice via email was disputed and not conclusively proven as served. Second notice involved a legitimate adjournment request. Third notice was also contested as unserved, with revenue not contradicting the claim. Fourth notice was fully complied with. Applying Section 273B, the tribunal determined reasonable cause existed for the alleged non-compliance. Consequently, the tribunal allowed the assessee's grounds and set aside the penalty proceedings, emphasizing procedural fairness and lack of deliberate contumacy.
ITAT held that penalty u/s 272A(1)(c) for non-compliance of summons is not sustainable. The tribunal found no substantive evidence of willful default by the assessee. First notice via email was disputed and not conclusively proven as served. Second notice involved a legitimate adjournment request. Third notice was also contested as unserved, with revenue not contradicting the claim. Fourth notice was fully complied with. Applying Section 273B, the tribunal determined reasonable cause existed for the alleged non-compliance. Consequently, the tribunal allowed the assessee's grounds and set aside the penalty proceedings, emphasizing procedural fairness and lack of deliberate contumacy.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
