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...
The ITAT Mumbai dismissed the assessee's appeal as not maintainable due to pending liquidation process. Penalty u/s 271 imposed for failure to audit accounts u/s 44AB. IBC 2016 prevails over IT Act, limiting Income Tax authorities' jurisdiction during moratorium. CIT(A) erred in not adjudicating tax dues issue despite liquidation process, which was within scope. Failure to adjudicate on merit by CIT(A) despite no legal impediments. IT authorities can determine tax dues during moratorium. Case restored to CIT(A) for proper adjudication.
The ITAT Mumbai dismissed the assessee's appeal as not maintainable due to pending liquidation process. Penalty u/s 271 imposed for failure to audit accounts u/s 44AB. IBC 2016 prevails over IT Act, limiting Income Tax authorities' jurisdiction during moratorium. CIT(A) erred in not adjudicating tax dues issue despite liquidation process, which was within scope. Failure to adjudicate on merit by CIT(A) despite no legal impediments. IT authorities can determine tax dues during moratorium. Case restored to CIT(A) for proper adjudication.
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