Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
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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