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...
ITAT held that penalty for failure to obtain tax audit was not automatic where the assessee showed reasonable cause under section 271B. The society's initial year of operations, lack of professional guidance and infrastructure, rural background, and bona fide belief that audit under the Co-operative Societies Act was sufficient were accepted, especially as the explanation was neither false nor mala fide. The nil-income assessment and absence of adverse inference of suppression supported the genuineness of the explanation. On these facts, the Tribunal found the penalty unsustainable and deleted it.
ITAT held that penalty for failure to obtain tax audit was not automatic where the assessee showed reasonable cause under section 271B. The society's initial year of operations, lack of professional guidance and infrastructure, rural background, and bona fide belief that audit under the Co-operative Societies Act was sufficient were accepted, especially as the explanation was neither false nor mala fide. The nil-income assessment and absence of adverse inference of suppression supported the genuineness of the explanation. On these facts, the Tribunal found the penalty unsustainable and deleted it.
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