Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
A mistaken claim in the return does not by itself defeat exemption where the assessee's substantive status as a local authority is established. The Tribunal noted that the Revenue had accepted the assessee's entitlement in earlier and later assessments, there was no change in its activities, and the receipts were from municipal functions supported by audited accounts and budget documents. On that basis, the inadvertent claim of deduction under section 57 instead of exemption under section 10(20) was treated as an error in form, not substance. The exemption was held allowable and the addition made by denying it was deleted.
A mistaken claim in the return does not by itself defeat exemption where the assessee's substantive status as a local authority is established. The Tribunal noted that the Revenue had accepted the assessee's entitlement in earlier and later assessments, there was no change in its activities, and the receipts were from municipal functions supported by audited accounts and budget documents. On that basis, the inadvertent claim of deduction under section 57 instead of exemption under section 10(20) was treated as an error in form, not substance. The exemption was held allowable and the addition made by denying it was deleted.
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