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...
ITAT allowed the appeal and deleted the penalty under section 271A. The tribunal held that the assessee is a local authority whose income is exempt under section 10(46) and, not being engaged in business or profession, is not within the class of persons obliged to maintain accounts as prescribed by section 44AA; consequently section 44AA is inapplicable and no penal consequence under section 271A can arise. The tribunal further noted that the assessee maintained books from which financial statements were prepared, negating any finding of complete non-maintenance. All grounds of appeal of the assessee were allowed and the impugned penalty was set aside.
ITAT allowed the appeal and deleted the penalty under section 271A. The tribunal held that the assessee is a local authority whose income is exempt under section 10(46) and, not being engaged in business or profession, is not within the class of persons obliged to maintain accounts as prescribed by section 44AA; consequently section 44AA is inapplicable and no penal consequence under section 271A can arise. The tribunal further noted that the assessee maintained books from which financial statements were prepared, negating any finding of complete non-maintenance. All grounds of appeal of the assessee were allowed and the impugned penalty was set aside.
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TaxTMI 
TaxTMI 
of 4918 
