Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
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In a charitable institution's assessment, the Tribunal held that application of current-year income and accumulated funds, as separately disclosed in the return and Form 10B and verified in scrutiny, could not be disallowed on a supposed mismatch; once the Assessing Officer recorded that there was no difference between the two, the earlier prima facie adjustment under section 143(1) had no surviving basis and the claim was allowed in full. It also held that no fresh claim was being raised on appeal, so Goetze (India) was inapplicable. The final computation wrongly duplicated the same income components, inflating the taxable base; tax under section 115BBI and interest under sections 234B and 234C were consequential and had to be recomputed. The appeal was allowed.
In a charitable institution's assessment, the Tribunal held that application of current-year income and accumulated funds, as separately disclosed in the return and Form 10B and verified in scrutiny, could not be disallowed on a supposed mismatch; once the Assessing Officer recorded that there was no difference between the two, the earlier prima facie adjustment under section 143(1) had no surviving basis and the claim was allowed in full. It also held that no fresh claim was being raised on appeal, so Goetze (India) was inapplicable. The final computation wrongly duplicated the same income components, inflating the taxable base; tax under section 115BBI and interest under sections 234B and 234C were consequential and had to be recomputed. The appeal was allowed.
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