Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
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Form No. 10BB filing for exemption of an approved educational institution was treated as procedural and directory, not mandatory, where the audit report had been uploaded and was available when the return was processed and the return was filed within the extended due date; the rejection of the exemption claim was therefore set aside and the matter remitted for fresh consideration, including the assessee's condonation application if produced. The Tribunal also held that, if exemption is ultimately denied, income must be computed on commercial principles, expenditure cannot be disallowed as a prima facie adjustment under section 143(1), and the entire receipts cannot be assessed as income.
Form No. 10BB filing for exemption of an approved educational institution was treated as procedural and directory, not mandatory, where the audit report had been uploaded and was available when the return was processed and the return was filed within the extended due date; the rejection of the exemption claim was therefore set aside and the matter remitted for fresh consideration, including the assessee's condonation application if produced. The Tribunal also held that, if exemption is ultimately denied, income must be computed on commercial principles, expenditure cannot be disallowed as a prima facie adjustment under section 143(1), and the entire receipts cannot be assessed as income.
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