Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Denial of Preferential Treatment under SAFTA overturned where unchallenged Country of Origin certificate warranted exemption under Notification benefi...
ITAT held that penalty u/s 272A(1)(d) was leviable only for non-compliance with the main notice u/s 142(1), as the subsequent two communications were mere reminder notices and not independent statutory notices. Since the assessment was framed u/s 144 r.w.s. 144B for AY 2022-23, indicating non-compliance with the primary notice, penalty of Rs. 10,000/- for that default was sustained. However, penalty of Rs. 20,000/- imposed for non-compliance with the two reminder notices was deleted. The assessee's appeal was thus partly allowed, restricting the penalty to Rs. 10,000/-.
ITAT held that penalty u/s 272A(1)(d) was leviable only for non-compliance with the main notice u/s 142(1), as the subsequent two communications were mere reminder notices and not independent statutory notices. Since the assessment was framed u/s 144 r.w.s. 144B for AY 2022-23, indicating non-compliance with the primary notice, penalty of Rs. 10,000/- for that default was sustained. However, penalty of Rs. 20,000/- imposed for non-compliance with the two reminder notices was deleted. The assessee's appeal was thus partly allowed, restricting the penalty to Rs. 10,000/-.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4830 
Join Channel 
