Tax determination against deceased proprietor invalid where no notice to legal representative; appeal rejected without addressing jurisdictional defec...
Revocation of GST registration and permission to file blocked returns; conditional defreezing of bank accounts after security and instalment applicati...
Right to access seized electronic evidence: impugned adjudication treated as additional show cause notice, remand for fresh hearing and return of mate...
Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
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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