Revenue authority mandates using scheme-specific reversal procedures, not revising original entries, for instrument-based trade/customs benefits effec...
Transaction value under s.15(1) governs unrelated sales; valuation between related parties per Rule 28; consignment note required for unregistered rec...
ITAT allowed the appeal and set aside the penalty imposed under section 271F. The Tribunal accepted the assessee's plea that failure to file the return under section 139(1) for the relevant assessment year was due to reasonable cause within the meaning of section 273B, namely that the assessee was wholly occupied assisting a close family member through acute legal and emotional distress coinciding with the filing deadline. Noting the absence of appellate concurrence by the CIT(A.) on the point of reasonable cause and considering the facts, ITAT held the levy by the AO and confirmation by the CIT(A.) unjustified and deleted the penalty; Ground No.1 allowed.
ITAT allowed the appeal and set aside the penalty imposed under section 271F. The Tribunal accepted the assessee's plea that failure to file the return under section 139(1) for the relevant assessment year was due to reasonable cause within the meaning of section 273B, namely that the assessee was wholly occupied assisting a close family member through acute legal and emotional distress coinciding with the filing deadline. Noting the absence of appellate concurrence by the CIT(A.) on the point of reasonable cause and considering the facts, ITAT held the levy by the AO and confirmation by the CIT(A.) unjustified and deleted the penalty; Ground No.1 allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4823 
Join Channel 
