Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
Form 10-IC filed within the applicable due date preserved the option for the concessional corporate tax regime, because the due date under section 139(1) depends on the assessee's class and is not advanced merely by belated filing of Form 3CEB or an incorrect return selection. The text notes that later furnishing of the transfer-pricing report before assessment did not justify denial of the option. Once the option under section 115BAA was validly exercised, tax had to be computed under that regime and MAT under section 115JB could not be applied.
Form 10-IC filed within the applicable due date preserved the option for the concessional corporate tax regime, because the due date under section 139(1) depends on the assessee's class and is not advanced merely by belated filing of Form 3CEB or an incorrect return selection. The text notes that later furnishing of the transfer-pricing report before assessment did not justify denial of the option. Once the option under section 115BAA was validly exercised, tax had to be computed under that regime and MAT under section 115JB could not be applied.
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