Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
ITAT held that the assessee, though required under Sec. 44AA read with Rule 6F to maintain books and have them audited, established reasonable cause for non-maintenance in the year in question; there was no material showing deliberate, contumacious or dishonest conduct. Consequently, as a one-time measure the penalty under Sec. 271A was deleted and consequential relief granted, subject to the assessee's future compliance with Sec. 44AA. ITAT further held that once non-maintenance under Sec. 271A is accepted, levy of penalty under Sec. 271B (audit default) does not arise and the Sec. 271B penalty was also deleted.
ITAT held that the assessee, though required under Sec. 44AA read with Rule 6F to maintain books and have them audited, established reasonable cause for non-maintenance in the year in question; there was no material showing deliberate, contumacious or dishonest conduct. Consequently, as a one-time measure the penalty under Sec. 271A was deleted and consequential relief granted, subject to the assessee's future compliance with Sec. 44AA. ITAT further held that once non-maintenance under Sec. 271A is accepted, levy of penalty under Sec. 271B (audit default) does not arise and the Sec. 271B penalty was also deleted.
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