Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
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.
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