Functional comparability under TNMM: broadcasters excluded, software distributors included, and no separate interest on receivables after working capi...
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Issue: imposition of penalty under section 271(1)(b) for failure to comply with notices under section 142(1). Principle applied: the onus lies on the assessee to show bona fide and reasonable cause and to disclose material facts; Revenue need not prove deliberate default. Outcome: where the assessee offered no substantiated explanation and assessment proceeded ex parte, subsequent belated compliance did not negate penalty. The ITAT upheld two penalties for separate non compliance occasions and dismissed the appeal for failure to prove reasonable cause.
Issue: imposition of penalty under section 271(1)(b) for failure to comply with notices under section 142(1). Principle applied: the onus lies on the assessee to show bona fide and reasonable cause and to disclose material facts; Revenue need not prove deliberate default. Outcome: where the assessee offered no substantiated explanation and assessment proceeded ex parte, subsequent belated compliance did not negate penalty. The ITAT upheld two penalties for separate non compliance occasions and dismissed the appeal for failure to prove reasonable cause.
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