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...
Penalty under section 271B was deleted because the assessee's accounts were audited within the prescribed time and only the uploading of the audit report was delayed due to technical glitches in the e-filing portal. The Tribunal treated this as substantial compliance with the audit requirement, held the lapse to be procedural rather than substantive, and found that the report was available before scrutiny assessment was completed without any prejudice to the Revenue. On that basis, the default was regarded as technical and venial, attracting protection under section 273B and not warranting penalty.
Penalty under section 271B was deleted because the assessee's accounts were audited within the prescribed time and only the uploading of the audit report was delayed due to technical glitches in the e-filing portal. The Tribunal treated this as substantial compliance with the audit requirement, held the lapse to be procedural rather than substantive, and found that the report was available before scrutiny assessment was completed without any prejudice to the Revenue. On that basis, the default was regarded as technical and venial, attracting protection under section 273B and not warranting penalty.
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