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Tax Audit Exception: ITAT Confirms Interest is Not “Gross Receipts” for 44AB and Deletes Penalty
Case Law Details
- Case Name
- Yamuna Expressway Industrial Development Authority Vs CIT(Appeal) (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07
- Courts
- All ITAT, ITAT Delhi
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Yamuna Expressway Industrial Development Authority Vs CIT(Appeal) (ITAT Delhi)
When assessee is a Local Authority/Charitable Institution not carrying on business even AO levied penalty u/s 271A for no books, audit u/s 44AB cannot be enforced
Yamuna Expressway Industrial Development Authority is a statutory Local Authority constituted u/s 3 of the UP Industrial Area Development Act, 1976, engaged in public infrastructure & area development. It was granted registration u/s 12AA on 08.05.2017 & later notified u/s 10(46) for AYs 2014-15 to 2018-19. For AY 2006-07, assessme...
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