Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
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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