Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Benefit of the option of lower rate of tax exercised by the assessee u/s 115BA - claim was denied by the CPC/CIT(A) for the simple reason that the assessee has not filed form 10IB for the assessment year under consideration - The ITAT found that the instructions clarify that Form 10IB is required to be filed only in the first year when opting for the concessional tax rate for the first time. - The ITAT concluded that since the assessee had complied with the requirements and filed Form 10IB in the first year, there was no requirement to file the same for subsequent years. Therefore, the ITAT directed the Assessing Officer to levy tax at the rate of 25% as applicable to the assessee.
Benefit of the option of lower rate of tax exercised by the assessee u/s 115BA - claim was denied by the CPC/CIT(A) for the simple reason that the assessee has not filed form 10IB for the assessment year under consideration - The ITAT found that the instructions clarify that Form 10IB is required to be filed only in the first year when opting for the concessional tax rate for the first time. - The ITAT concluded that since the assessee had complied with the requirements and filed Form 10IB in the first year, there was no requirement to file the same for subsequent years. Therefore, the ITAT directed the Assessing Officer to levy tax at the rate of 25% as applicable to the assessee.
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