Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Section 119(2)(b) supports condonation where genuine hardship would otherwise result and substantial justice would be defeated by a procedural lapse. A timely original return, coupled with a bona fide correction confined to the partnership firm's nomenclature, did not alter income, tax liability, or substantive claims and caused no prejudice to the Revenue. The delay was therefore treated as arising from a purely clerical omission rather than a substantive default. Rejection of condonation was quashed, the corrected return was treated as validly filed, and it was directed to be processed in accordance with law without influence from the rejection order.
Section 119(2)(b) supports condonation where genuine hardship would otherwise result and substantial justice would be defeated by a procedural lapse. A timely original return, coupled with a bona fide correction confined to the partnership firm's nomenclature, did not alter income, tax liability, or substantive claims and caused no prejudice to the Revenue. The delay was therefore treated as arising from a purely clerical omission rather than a substantive default. Rejection of condonation was quashed, the corrected return was treated as validly filed, and it was directed to be processed in accordance with law without influence from the rejection order.
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