Charity-run tree plantation and maintenance for environmental preservation qualifies as "charitable activity", making supplies GST-exempt under Notifi...
Drawings/designs supply and erection supervision fees from German contractor: designs non-taxable; supervision taxed as FTS/PE depending on six-month ...
Page of 4817
Press 'Enter' after typing page number.
7621 to 7640 of 96333 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
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
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
