Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
The ITAT held that the assessee, being a company registered under s. 8 of the Companies Act and enjoying registration under s. 12AA of the Act, was not engaged in carrying on business such that the turnover threshold under s. 44AB was exceeded; consequently the audit provisions under s. 44AB did not apply. The Tribunal found that the AO and lower authorities erred in mechanically imposing penalty under s. 271B for non-filing of the audit report, contrary to the plain language and intent of s. 44AB. The Tribunal set aside the penalty, directed deletion of the s. 271B levy, and allowed the assessee's appeal.
The ITAT held that the assessee, being a company registered under s. 8 of the Companies Act and enjoying registration under s. 12AA of the Act, was not engaged in carrying on business such that the turnover threshold under s. 44AB was exceeded; consequently the audit provisions under s. 44AB did not apply. The Tribunal found that the AO and lower authorities erred in mechanically imposing penalty under s. 271B for non-filing of the audit report, contrary to the plain language and intent of s. 44AB. The Tribunal set aside the penalty, directed deletion of the s. 271B levy, and allowed the assessee's appeal.
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TaxTMI 
TaxTMI 
of 4918 
