Supreme Court: No Penalty Exception Under Section 271AAA(2) for Undisclosed Income Declared Only During Assessment

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This Supreme Court judgment reaffirms the strict interpretation of Section 271AAA(2), making it clear that merely paying taxes voluntarily does not exempt an assessee from penalties if undisclosed income is admitted only at the assessment stage. The Supreme Court of …

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Section 269SS Not Applicable to Brokers Acting as Agents or Facilitators: ITAT Chennai

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This landmark ruling reinforces the principle that intermediaries operating in a fiduciary capacity are distinct from the principal parties in transactions. It sets a strong precedent for brokers, real estate facilitators, and agents, protecting them from undue penalties under Section …

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