Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
ITAT held that recording of satisfaction by the AO is a condition precedent to initiate penalty proceedings under s.271D for alleged contravention of s.269SS, and where the AO's satisfaction was embodied in the assessment order dated 30-12-2022 after statutory approval by the Addl. CIT, that date constitutes the date on which "action for imposition of penalty is considered as initiated" for purposes of s.275(1)(c). Applying the prescribed limitation, the penalty order had to be passed by 30-06-2023; the impugned penalty dated 31-08-2023 was therefore time-barred and held non est. The penalty order is quashed.
ITAT held that recording of satisfaction by the AO is a condition precedent to initiate penalty proceedings under s.271D for alleged contravention of s.269SS, and where the AO's satisfaction was embodied in the assessment order dated 30-12-2022 after statutory approval by the Addl. CIT, that date constitutes the date on which "action for imposition of penalty is considered as initiated" for purposes of s.275(1)(c). Applying the prescribed limitation, the penalty order had to be passed by 30-06-2023; the impugned penalty dated 31-08-2023 was therefore time-barred and held non est. The penalty order is quashed.
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