Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
The High Court dismissed the petition seeking rectification of mistake in filing the wrong income tax return (ITR) format, as the assessee had full knowledge of filing the incorrect ITR. The Court observed that the assessee had filed the subsequent year's ITR in the correct format after revising it, indicating awareness of the proper procedure. The assessee has the remedy u/s 154 to seek necessary rectifications by filing an application, which the tax authority shall decide based on merits and allow the assessee to file the correct return, if required. No further adjudication by the Court is necessary at this stage.
The High Court dismissed the petition seeking rectification of mistake in filing the wrong income tax return (ITR) format, as the assessee had full knowledge of filing the incorrect ITR. The Court observed that the assessee had filed the subsequent year's ITR in the correct format after revising it, indicating awareness of the proper procedure. The assessee has the remedy u/s 154 to seek necessary rectifications by filing an application, which the tax authority shall decide based on merits and allow the assessee to file the correct return, if required. No further adjudication by the Court is necessary at this stage.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4830 
Join Channel 
