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...
Penalty for failure to obtain an audit report was deleted because the assessee had consistently treated sale of shops as giving rise to capital gains, and the characterisation of the activity as business or investment was a debatable issue. The Tribunal found that the transactions were identical to those in the preceding year, when penalty had already been cancelled, and there was no distinguishing feature to justify a different view. On these facts, the assessee's bona fide belief that audit was not required constituted reasonable cause under section 273B, so penalty under section 271B could not be sustained.
Penalty for failure to obtain an audit report was deleted because the assessee had consistently treated sale of shops as giving rise to capital gains, and the characterisation of the activity as business or investment was a debatable issue. The Tribunal found that the transactions were identical to those in the preceding year, when penalty had already been cancelled, and there was no distinguishing feature to justify a different view. On these facts, the assessee's bona fide belief that audit was not required constituted reasonable cause under section 273B, so penalty under section 271B could not be sustained.
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