Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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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