Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
ITAT allowed the assessee's appeal and deleted penalty levied u/s 271B. The assessee, an individual engaged in wholesale tea trading, contended that no books of account were maintained, hence the requirement of audit u/s 44AB and consequent penalty u/s 271B could not arise. Revenue asserted that books were maintained but failed to produce cogent evidence to substantiate this claim. Relying on HC precedent holding that s.271B is inapplicable where no books are maintained, ITAT held the penalty unsustainable and decided the matter in favour of the assessee.
ITAT allowed the assessee's appeal and deleted penalty levied u/s 271B. The assessee, an individual engaged in wholesale tea trading, contended that no books of account were maintained, hence the requirement of audit u/s 44AB and consequent penalty u/s 271B could not arise. Revenue asserted that books were maintained but failed to produce cogent evidence to substantiate this claim. Relying on HC precedent holding that s.271B is inapplicable where no books are maintained, ITAT held the penalty unsustainable and decided the matter in favour of the assessee.
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