Judgement

ITAT partly deletes Rs 10.48 lakh penalty, ruling that mere disallowance of expenses does not automatically justify penalty under Section 271(1)(c).

Mere Expense Disallowance Cannot Trigger Section 271(1)(c) Penalty; ITAT Partly Allows Appeal

Ad-hoc disallowance of expenses without rejecting books of account held unsustainable; registration not mandatory

Appellate Tribunal Allows Deduction to 120-Year-Old Jain Religious Society; Ad-Hoc Disallowance Quashed

Notifications

As proposed by Finance Bill (2) 2024, CBDT has now notified disallowance of expense incurred in relation to contravention of SEBI, Competition, Depositories and SCRA Acts.

CBDT notifies disallowance of expense incurred in relation to contravention of SEBI, Competition, Depositories and SCRA Acts

Disallowance of expense u/s 40(A)(2)(b): The burden of proof of excessive/unreasonable expense is on AO

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Mere Expense Disallowance Cannot Trigger Section 271(1)(c) Penalty; ITAT Partly Allows Appeal

Appellate Tribunal Allows Deduction to 120-Year-Old Jain Religious Society; Ad-Hoc Disallowance Quashed

CBDT notifies disallowance of expense incurred in relation to contravention of SEBI, Competition, Depositories and SCRA Acts

Disallowance of expense u/s 40(A)(2)(b): The burden of proof of excessive/unreasonable expense is on AO