Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Rectification was held maintainable where the earlier appellate direction wrongly assumed that land cost had not already been debited in the assessee's accounts and, under the joint development arrangement, treated construction cost as the assessee's cost. The Tribunal held that no provision allowed substitution of actual cost with fair market value or another notional value for computing profits for section 80-IB(10), so the deduction had to be recomputed on the profits disclosed in the Profit and Loss Account. It also held that the doctrine of merger did not apply because the earlier round had decided only eligibility in principle, not quantification, making rejection of rectification on merger grounds unjustified.
Rectification was held maintainable where the earlier appellate direction wrongly assumed that land cost had not already been debited in the assessee's accounts and, under the joint development arrangement, treated construction cost as the assessee's cost. The Tribunal held that no provision allowed substitution of actual cost with fair market value or another notional value for computing profits for section 80-IB(10), so the deduction had to be recomputed on the profits disclosed in the Profit and Loss Account. It also held that the doctrine of merger did not apply because the earlier round had decided only eligibility in principle, not quantification, making rejection of rectification on merger grounds unjustified.
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