Proof of foreign public documents requires originals or certified diplomatic/notarial copies; inspection must occur in-magna presence and cross-examin...
Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Assessee trading in machinery incurred losses and failed to maintain books of account; statutory audit obligation triggered by the turnover threshold was applicable but could not be met. Tribunal found failure to establish a reasonable cause for non-maintenance and therefore sustained penalty under the penalty provision for not maintaining accounts. The tribunal rejected reliance on the presumptive taxation scheme as a defence to the penalty. Separately, the tribunal held that imposing an additional penalty for failure to obtain an audit when books were not maintained would amount to double penalisation, and accordingly vacated the audit-related penalty.
Assessee trading in machinery incurred losses and failed to maintain books of account; statutory audit obligation triggered by the turnover threshold was applicable but could not be met. Tribunal found failure to establish a reasonable cause for non-maintenance and therefore sustained penalty under the penalty provision for not maintaining accounts. The tribunal rejected reliance on the presumptive taxation scheme as a defence to the penalty. Separately, the tribunal held that imposing an additional penalty for failure to obtain an audit when books were not maintained would amount to double penalisation, and accordingly vacated the audit-related penalty.
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