Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
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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