Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
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The Income Tax Appellate Tribunal held that the denial of exemption u/s 10(23C)(iiiab) for late filing of the income tax return beyond the time specified u/s 139(1) or for filing the return u/s 139(4D) instead of Section 139(4C) is not justified. The Tribunal ruled that the Department could not point out any relevant provision that disentitles the assessee from claiming exemption u/s 10(23C)(iiiab) for non-filing or late filing of the return. Consequently, the action of the lower authorities in denying the exemption on these grounds was set aside, and the Assessing Officer was directed to grant the exemption claimed u/s 10(23C)(iiiab). The assessee's appeal was allowed.
The Income Tax Appellate Tribunal held that the denial of exemption u/s 10(23C)(iiiab) for late filing of the income tax return beyond the time specified u/s 139(1) or for filing the return u/s 139(4D) instead of Section 139(4C) is not justified. The Tribunal ruled that the Department could not point out any relevant provision that disentitles the assessee from claiming exemption u/s 10(23C)(iiiab) for non-filing or late filing of the return. Consequently, the action of the lower authorities in denying the exemption on these grounds was set aside, and the Assessing Officer was directed to grant the exemption claimed u/s 10(23C)(iiiab). The assessee's appeal was allowed.
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