Sufficient cause for delayed revenue income-tax appeals requires bona fides, due diligence and a credible explanation; otherwise limitation bars appea...
Inverted-duty-structure refunds remain available for unchanged-rate apparel supplies despite trader status and require tax-period-specific computation...
Foundational assessment satisfaction is essential before initiating penalty for cash receipt of immovable-property sale consideration under section 27...
Inadvertent filing of the concessional-regime option form by a credit co-operative society does not, by itself, require assessment under that regime where the return was filed under the old regime, claimed the statutory deduction available to credit co-operative societies, and expressly stated that no concessional-regime option was exercised. The filing was not treated as an attempted withdrawal of an option after filing a return under the new regime. Processing the return under the concessional regime and disallowing the deduction were unjustified; the appellate order was set aside and the deduction claim was accepted.
Inadvertent filing of the concessional-regime option form by a credit co-operative society does not, by itself, require assessment under that regime where the return was filed under the old regime, claimed the statutory deduction available to credit co-operative societies, and expressly stated that no concessional-regime option was exercised. The filing was not treated as an attempted withdrawal of an option after filing a return under the new regime. Processing the return under the concessional regime and disallowing the deduction were unjustified; the appellate order was set aside and the deduction claim was accepted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
