Imported analyser diagnostic cartridges treated as accessories with analyser system, not standalone diagnostic reagents; extended limitation and penal...
Steel-timber construction shuttering/formwork tariff classification dispute: essential character held steel, classified as shuttering under Heading 73...
Family-linked property purchases using fabricated loan agreements and benami-style arrangements held to be crime proceeds; attachment upheld, appeal d...
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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