International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
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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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