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...
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Validity of assessment order and attachment notice - no allegations of fraud, wilful-misstatement or suppression of facts - The High Court held that, on examining the impugned assessment order and the show cause notice which preceded it, however, it is noticeable that the impugned order is unreasoned. It is also noticeable that the ingredients of Section 74 are not satisfied. For these reasons, the orders impugned herein warrant interference, albeit by putting the petitioner on terms. - Matter restored back subject to the condition of deposit of 10% of disputed tax.
Validity of assessment order and attachment notice - no allegations of fraud, wilful-misstatement or suppression of facts - The High Court held that, on examining the impugned assessment order and the show cause notice which preceded it, however, it is noticeable that the impugned order is unreasoned. It is also noticeable that the ingredients of Section 74 are not satisfied. For these reasons, the orders impugned herein warrant interference, albeit by putting the petitioner on terms. - Matter restored back subject to the condition of deposit of 10% of disputed tax.
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