Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
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The assessee made an undisclosed income declaration under Income Declaration Scheme-2016 for the assessment years 2010-11, 2011-12, and 2014-15, clubbing the income for 2012-13. The Principal Commissioner specified the amounts to be paid as tax, surcharge, and penalty in three installments. The assessee defaulted on the third installment payment due by 30.09.2017. However, a notification dated 13.02.2019 extended the payment date to 31.01.2020, along with 1% monthly interest, retrospectively effective from 01.06.2016. The assessee paid the balance tax with interest. The ITAT held that the assessee validly deposited the tax, surcharge, interest, and penalty under IDS-2016 and the 13.12.2019 notification, rectifying the default retrospectively. The CIT(A) failed to appreciate this retrospective rectification. Therefore, the issue was determined in favor of the assessee against the revenue.
The assessee made an undisclosed income declaration under Income Declaration Scheme-2016 for the assessment years 2010-11, 2011-12, and 2014-15, clubbing the income for 2012-13. The Principal Commissioner specified the amounts to be paid as tax, surcharge, and penalty in three installments. The assessee defaulted on the third installment payment due by 30.09.2017. However, a notification dated 13.02.2019 extended the payment date to 31.01.2020, along with 1% monthly interest, retrospectively effective from 01.06.2016. The assessee paid the balance tax with interest. The ITAT held that the assessee validly deposited the tax, surcharge, interest, and penalty under IDS-2016 and the 13.12.2019 notification, rectifying the default retrospectively. The CIT(A) failed to appreciate this retrospective rectification. Therefore, the issue was determined in favor of the assessee against the revenue.
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