Related-party creditor exclusion bars CoC participation where lender rights show policy-making involvement, and post-CIRP assignment cannot cure ineli...
Rectification of apparent typographical errors may proceed without hearing when tax liability, input tax credit, and ruling substance remain unchanged...
Section 10(23C)(iiiad) exemption had to be examined on its merits where the relevant activities and receipts were already on record, despite an erroneous exemption claim under section 11 in the return. For the relevant assessment year, non-furnishing of Form 10BB did not bar exemption under section 10(23C)(iiiad), as the audit-report requirement applied only to specified other institutions. Receipts from pre-primary, primary and secondary sections had to be aggregated because they formed one recognised school, notwithstanding separate accounts or premises. As aggregated receipts exceeded the prescribed threshold, exemption was denied. Taxable income nevertheless required normal computation after allowing admissible expenditure, depreciation and statutory allowances; verification was limited to that computation.
Section 10(23C)(iiiad) exemption had to be examined on its merits where the relevant activities and receipts were already on record, despite an erroneous exemption claim under section 11 in the return. For the relevant assessment year, non-furnishing of Form 10BB did not bar exemption under section 10(23C)(iiiad), as the audit-report requirement applied only to specified other institutions. Receipts from pre-primary, primary and secondary sections had to be aggregated because they formed one recognised school, notwithstanding separate accounts or premises. As aggregated receipts exceeded the prescribed threshold, exemption was denied. Taxable income nevertheless required normal computation after allowing admissible expenditure, depreciation and statutory allowances; verification was limited to that computation.
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