Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
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Penalty under s. 271B for failure to obtain a tax audit report was challenged on the ground that the assessee was not liable to audit under s. 44AB. Applying CBDT Circular No. 452 dated 17-03-1986, which is binding on the tax authorities, the forum held that the assessee's role was akin to a kachha arahtia/broker and only brokerage constituted turnover for s. 44AB purposes; since brokerage did not exceed the statutory threshold of Rs. 40 lakhs, audit was not mandatory. Consequently, the penalty of Rs. 1,50,000 imposed under s. 271B was deleted and the appeal was allowed - ITAT
Penalty under s. 271B for failure to obtain a tax audit report was challenged on the ground that the assessee was not liable to audit under s. 44AB. Applying CBDT Circular No. 452 dated 17-03-1986, which is binding on the tax authorities, the forum held that the assessee's role was akin to a kachha arahtia/broker and only brokerage constituted turnover for s. 44AB purposes; since brokerage did not exceed the statutory threshold of Rs. 40 lakhs, audit was not mandatory. Consequently, the penalty of Rs. 1,50,000 imposed under s. 271B was deleted and the appeal was allowed - ITAT
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