Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
The Income Tax Appellate Tribunal (ITAT) held that denial of tax relief u/s 90/90A solely due to procedural delay in filing Form-67 is unjustified. Filing of Form-67 is a procedural formality and cannot be the basis for denying relief to the assessee. The Commissioner of Income Tax (Appeals) [CIT(A)] erred by merely stating disagreement with a binding superior court judgment without assigning any reasons, which is legally unjustifiable. An inferior court differing from a superior court's judgment must discuss and provide reasons for the divergence. The Assessing Officer should not have denied relief u/s 90 merely for the delay in filing Form-67. The assessee's appeal was allowed.
The Income Tax Appellate Tribunal (ITAT) held that denial of tax relief u/s 90/90A solely due to procedural delay in filing Form-67 is unjustified. Filing of Form-67 is a procedural formality and cannot be the basis for denying relief to the assessee. The Commissioner of Income Tax (Appeals) [CIT(A)] erred by merely stating disagreement with a binding superior court judgment without assigning any reasons, which is legally unjustifiable. An inferior court differing from a superior court's judgment must discuss and provide reasons for the divergence. The Assessing Officer should not have denied relief u/s 90 merely for the delay in filing Form-67. The assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
