Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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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