Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
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Relief u/s 220(7) - Assessee in default for amount non received in India - From the perusal of the records it can be seen that the compensation is not coming under the purview of the business income as there was no business during the period. - Thus, compensation received in lieu of the losses of the contract which was supposed to be executed in the year 1991 will not form the receipt of revenue in nature, but capital in nature. - Since the amount is not taxable, the question of relief u/s 220(7) becomes redundant - AT
Relief u/s 220(7) - Assessee in default for amount non received in India - From the perusal of the records it can be seen that the compensation is not coming under the purview of the business income as there was no business during the period. - Thus, compensation received in lieu of the losses of the contract which was supposed to be executed in the year 1991 will not form the receipt of revenue in nature, but capital in nature. - Since the amount is not taxable, the question of relief u/s 220(7) becomes redundant - AT
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