Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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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