Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
The ITAT Pune dealt with a case involving denial of standard deduction and Chapter VIA deductions u/s 80C. The appellant, an individual earning income under the head "Salaries," initially filed a return under the Old Tax Regime, which was later revised under the New Tax Regime. The CIT(A) upheld the AO's decision based on section 115BAC, which disallows certain deductions under the New Tax Regime. The tribunal emphasized that once a valid revised return is filed, the original return becomes irrelevant. Citing legal precedents, the tribunal held that under section 115BAC, opting for the New Tax Regime precludes entitlement to standard deduction and Chapter VIA deductions. Consequently, the appeal was dismissed, affirming the correctness of the CPC's processing of the income tax return.
The ITAT Pune dealt with a case involving denial of standard deduction and Chapter VIA deductions u/s 80C. The appellant, an individual earning income under the head "Salaries," initially filed a return under the Old Tax Regime, which was later revised under the New Tax Regime. The CIT(A) upheld the AO's decision based on section 115BAC, which disallows certain deductions under the New Tax Regime. The tribunal emphasized that once a valid revised return is filed, the original return becomes irrelevant. Citing legal precedents, the tribunal held that under section 115BAC, opting for the New Tax Regime precludes entitlement to standard deduction and Chapter VIA deductions. Consequently, the appeal was dismissed, affirming the correctness of the CPC's processing of the income tax return.
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