Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
The case involved the entitlement to exemption u/s 11/12 based on the filing of an audit report. Non-filing of the audit report with the return of income was considered a procedural irregularity, not a basis for denying the exemption. The CBDT Circular allowed for condoning delays, but as no condonation petition was filed, this point was rejected. The assessee was advised to appeal against the intimation u/s 143(1) rather than a rectification order u/s 154. The decision emphasized that the correct amount of tax should be imposed on the assessee, even if the appeal channel was not chosen correctly. Ultimately, the assessee was granted the benefit of exemption u/s 11/12 despite the delay in filing the audit report.
The case involved the entitlement to exemption u/s 11/12 based on the filing of an audit report. Non-filing of the audit report with the return of income was considered a procedural irregularity, not a basis for denying the exemption. The CBDT Circular allowed for condoning delays, but as no condonation petition was filed, this point was rejected. The assessee was advised to appeal against the intimation u/s 143(1) rather than a rectification order u/s 154. The decision emphasized that the correct amount of tax should be imposed on the assessee, even if the appeal channel was not chosen correctly. Ultimately, the assessee was granted the benefit of exemption u/s 11/12 despite the delay in filing the audit report.
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