Transfer-pricing aggregation of distinct support-service and subcontract transactions was rejected, while debt-free receivables attracted no notional ...
Customs exemptions cover photovoltaic assembly machinery and PVF backsheets, while fully declared cleared imports may avoid confiscation and penalties...
Specific tariff classification for LCD devices overrides treatment as electricity-meter parts, defeating differential duty, extended limitation, and p...
Stayed disciplinary punishment does not establish unfitness for insolvency professional registration; reconsideration must disregard mere pendency of ...
Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
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The taxpayer filed an original return which was processed by the CPC. Subsequently, a revised return was filed u/s 139(5) with a self-assessment tax of Rs. 10,820/-. However, the taxpayer again paid self-assessment tax not aligned with either the original or revised return. The CPC did not process the revised return, and rectification was disallowed. The ITAT directed the Assessing Officer to consider the rectification petition without limitation issues. The AO must verify the returns, compute income correctly, and not dismiss the petition solely on limitation grounds. The assessee must furnish relevant evidence. Tax cannot be collected without legal authority, and the assessee's bona fides were evident due to erroneous tax payment.
The taxpayer filed an original return which was processed by the CPC. Subsequently, a revised return was filed u/s 139(5) with a self-assessment tax of Rs. 10,820/-. However, the taxpayer again paid self-assessment tax not aligned with either the original or revised return. The CPC did not process the revised return, and rectification was disallowed. The ITAT directed the Assessing Officer to consider the rectification petition without limitation issues. The AO must verify the returns, compute income correctly, and not dismiss the petition solely on limitation grounds. The assessee must furnish relevant evidence. Tax cannot be collected without legal authority, and the assessee's bona fides were evident due to erroneous tax payment.
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