Search and seizure: abatement of earlier search bars use of prior seized material in later search-based assessments; relief limited to new documents f...
Admission of additional evidence under remand rules must await a meaningful remand report; failure to do so breaches natural justice and mandates rema...
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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