Reasonable cause for non-audit protected commission-based milk-pouch sales from penalty after returned income was accepted without additions.

Reasonable cause for non-audit protected commission-based milk-pouch sales from penalty after returned income was accepted without additions. https://www.taxtmi.com/highlights?id=102545 Penalty for failure to obtain a tax audit was deleted because the assessee established reasonable cause under section 273B. Materials explained that milk-pouch sales were conducted on a commission or trade-discount basis and identified the related commission income. The lower authorities had not considered this statutory protection, despite reassessment accepting the returned income without any addition. The appeal was allowed and the penalty under section 271B was deleted. en-us Mon, 10 Aug 2026 12:12:46 +0530 Mon, 10 Aug 2026 12:12:46 +0530 TaxTMI RSS Generator Reasonable cause for non-audit protected commission-based milk-pouch sales from penalty after returned income was accepted without additions. https://www.taxtmi.com/highlights?id=102545 Penalty for failure to obtain a tax audit was deleted because the assessee established reasonable cause under section 273B. Materials explained that milk-pouch sales were conducted on a commission or trade-discount basis and identified the related commission income. The lower authorities had not considered this statutory protection, despite reassessment accepting the returned income without any addition. The appeal was allowed and the penalty under section 271B was deleted. Highlights Income Tax Mon, 10 Aug 2026 12:12:46 +0530 https://www.taxtmi.com/highlights?id=102545