Wednesday, 25 November 2015

No penalty if assessee had bonafide belief that charitable institutions not covered under commercial

ST : Where appellant-institution was under bonafide belief that being a charitable trust it was not covered by expression 'Commercial Training and Coaching Centre', though related notification was amended retrospectively to cover such institution, longer period of limitation could not be invoked for raising demand; further, benefit of waiver of penalty would be available to appellant

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