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 court held that the officer failed to consider the petitioner's case that the amount received in February 2024 was erroneously described as an advance, which was rectified by filing an amended return. This aspect was not considered while passing the order rejecting the refund claim. Consequently, the order was quashed, and the respondents were directed to reconsider the petitioner's refund application after affording an opportunity of hearing within two months from the date of receipt of the court's judgment.
The court held that the officer failed to consider the petitioner's case that the amount received in February 2024 was erroneously described as an advance, which was rectified by filing an amended return. This aspect was not considered while passing the order rejecting the refund claim. Consequently, the order was quashed, and the respondents were directed to reconsider the petitioner's refund application after affording an opportunity of hearing within two months from the date of receipt of the court's judgment.
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