Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Disallowance u/s 80P - claim disallowed u/sec. 143(1)(a)(ii) by way of “processing” as an instance of “incorrect claim if such incorrect claim is there from any information in the return” - ITAT noted that this provision was applicable prospectively from April 1, 2021, while the assessment year in question was 2019-2020. Thus, the Tribunal concluded that this provision could not be applied retroactively to disallow the assessee’s deduction claim. - Relying on the principle of stricter interpretation as established in Commissioner vs. Dilip Kumar And Co. & Ors., the Tribunal concluded that the disallowance of the deduction claim by the lower authorities was not justified.
Disallowance u/s 80P - claim disallowed u/sec. 143(1)(a)(ii) by way of “processing” as an instance of “incorrect claim if such incorrect claim is there from any information in the return” - ITAT noted that this provision was applicable prospectively from April 1, 2021, while the assessment year in question was 2019-2020. Thus, the Tribunal concluded that this provision could not be applied retroactively to disallow the assessee’s deduction claim. - Relying on the principle of stricter interpretation as established in Commissioner vs. Dilip Kumar And Co. & Ors., the Tribunal concluded that the disallowance of the deduction claim by the lower authorities was not justified.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
