Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
The Tribunal reduced an estimated business profit rate from the rates adopted by the tax authorities to 4% of turnover, noting the absence of reliable comparable cases and the assessee's lower historical profits in the wholesale medicine trade. It also cancelled penalty for delayed filing of the audit report under section 271B, accepting reasonable cause where the assessee relied on a tax consultant and lived in a remote area. Further, it deleted the remaining penalty for non-compliance with notices under section 271(1)(b), holding that the same reasonable cause applied and that some defaults had already been effectively waived.
The Tribunal reduced an estimated business profit rate from the rates adopted by the tax authorities to 4% of turnover, noting the absence of reliable comparable cases and the assessee's lower historical profits in the wholesale medicine trade. It also cancelled penalty for delayed filing of the audit report under section 271B, accepting reasonable cause where the assessee relied on a tax consultant and lived in a remote area. Further, it deleted the remaining penalty for non-compliance with notices under section 271(1)(b), holding that the same reasonable cause applied and that some defaults had already been effectively waived.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
