Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
Immunity from penalty for under-reporting of income requires reconsideration where a timely Form No. 68 application is followed by rectification of the assessment demand resulting in a refund. The material states that neither the penalty order nor the appellate order considered whether the rectification affected compliance with the requirement to pay tax and interest, particularly where no demand ultimately survived. The immunity claim was restored for fresh examination by a speaking order after granting reasonable opportunity, with consequential reconsideration of the penalty issue if required.
Immunity from penalty for under-reporting of income requires reconsideration where a timely Form No. 68 application is followed by rectification of the assessment demand resulting in a refund. The material states that neither the penalty order nor the appellate order considered whether the rectification affected compliance with the requirement to pay tax and interest, particularly where no demand ultimately survived. The immunity claim was restored for fresh examination by a speaking order after granting reasonable opportunity, with consequential reconsideration of the penalty issue if required.
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