Penalty for delayed filing of tax audit report was quashed after illness of the managing director was proved. The tribunal held that medical incapacity constituted reasonable cause under Section 273B.
The dispute involved denial of indexed interest while computing long-term capital gains. The Tribunal ruled that interest incurred wholly for acquiring an asset is deductible under Section 48.
The case confirms that co-operative societies can claim Section 80P(2)(d) deduction on interest earned from co-operative banks. The appeal was allowed due to clear judicial precedent supporting the claim.
The case examined whether vague information justified reassessment proceedings. The Tribunal ruled that absence of concrete material and nexus to escapement makes reopening without jurisdiction and liable to be quashed.
Authorities confirmed that insurers have not increased premiums after the GST exemption and have fully passed on the tax relief. Continuous monitoring of new and renewal policies was undertaken to ensure consumer benefits are protected.
Authorities have issued show cause notices to companies that failed to file VOPPA returns, underscoring strict enforcement of registration and reporting norms.
The Government clarified that it does not plan to expand mandatory women board representation beyond current legal provisions. Existing company law and SEBI rules already require woman directors for listed and large public companies.
The government outlined year-wise collections and utilisation of major cesses and surcharges, confirming they are credited to the Consolidated Fund and used for designated development and welfare purposes.
The addition was struck down as income was taxed before execution of sale deeds. Advances shown as liabilities were correctly offered to tax only when ownership passed to buyers.
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