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    Minimum alternate tax does not apply to statutory bodies outside the Companies Act, leaving book-profit disallowance challenge unsustainable.
    Reassessment based on inapplicable share-transaction information fails when disclosed intraday profit does not match the recorded reopening reasons.
    Surplus interest-free funds rebut interest disallowance, while section 14A computations cannot alone increase minimum alternate tax book profit.
    Electronic filing delay in charitable trust audit reporting warranted condonation where genuine hardship arose from clerical omission.
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    Unverifiable purchases warrant only embedded-profit estimation when accepted sales and records show actual goods were procured.
    Reasonable cause for journal-entry loan transfers can protect genuine restructuring transactions from penalties for prescribed loan acceptance modes.
    Commercial nexus of facilitation services supports deduction of commission expenditure against income from other sources.
    Reassessment limitation for pre-2021 assessment years invalidated a belated notice, while unsupported share-sale cash-credit additions were deleted.
    Cash repayment of explained family loans between spouses warranted reasonable cause, requiring deletion of the repayment penalty.
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      Refund of excess amount paid by mistake - time limitation -...

      Court Rules Second Refund Application Timely; Initial Application Filed Within Two-Year Limit Validates Claim.

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      GSTOctober 17, 2023Case LawsHC
      Refund of excess amount paid by mistake - time limitation - relevant date - removal of defects - keeping in view the fact that the petitioner has filed the refund application within a period of two years i.e on 18.10.2019, his second application dated 05.11.2019 after removing the deficiency, could not have been rejected on the ground that it was time barred. - HC

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      ActsIncome Tax