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Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
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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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