Penalty Under Section 271B Is Sustainable When Failure to Audit Accounts Is Backed by Reasonable Cause Issue Whether penalty under Section 271B for failure to get accounts audited under Section 44AB can be sustained when the assessee demonstrates reasonable cause under Section 273B and the return of income is accepted without any addition. Facts Business… Read More »
Assessment Orders Passed Ex Parte Against a Deceased Assessee Warrant Remand to AO for Fresh Adjudication Issue Whether ex parte assessment and appellate orders passed due to non-representation by a deceased assessee should be set aside and remanded to the Assessing Officer for fresh adjudication to uphold the principles of natural justice. Facts Ex Parte… Read More »
Flawed CIT(A) order ignoring assessment grounds and new agricultural land evidence warrants de novo remand. Flawed CIT(A) order ignoring assessment grounds and new agricultural land evidence warrants de novo remand. Issue Whether an appellate order passed under Section 250—based on the incorrect factual premise that the appeal arose from a Section 154 rectification order rather… Read More »
Rural agricultural land is not a capital asset, and hereditary ancestral land incurs no unexplained investment cost. Issue Whether the Assessing Officer was justified in taxing capital gains on the sale of rural agricultural land and making an addition for unexplained investment under Section 69B on hereditary ancestral land. Facts The assessee, an individual, did… Read More »