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...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Entitlement for relief u/s 89(1) - Can be equated to refund amount or not - Employee under suspension from 01.03.1996 to 16.04.2007 got ‘subsistence allowance’ for the said period. - The court clarified that the relief u/s 89 of the Income Tax Act is a form of rebate or adjustment in the computation of tax liability, not a direct refundable amount. It highlighted that the relief aims to adjust the tax liability when income is received in arrears or advance, impacting the tax rate applied. - The court found no error in the Income Tax Department's calculation of the refund amount. It noted that after accounting for the relief u/s 89, the correct refundable amount was determined and paid to the petitioner.
Entitlement for relief u/s 89(1) - Can be equated to refund amount or not - Employee under suspension from 01.03.1996 to 16.04.2007 got ‘subsistence allowance’ for the said period. - The court clarified that the relief u/s 89 of the Income Tax Act is a form of rebate or adjustment in the computation of tax liability, not a direct refundable amount. It highlighted that the relief aims to adjust the tax liability when income is received in arrears or advance, impacting the tax rate applied. - The court found no error in the Income Tax Department's calculation of the refund amount. It noted that after accounting for the relief u/s 89, the correct refundable amount was determined and paid to the petitioner.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4824 
Join Channel 
