Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
The High Court allowed the petition and permitted the petitioner to obtain Form 10IC for the Assessment Year 2021 and make a fresh application. The court relied on Wipro Limited [2022 (7) TMI 560 - Supreme Court] and held that the respondent was required to consider the facts of the case by permitting the petitioner to file a fresh Form 10IC and condoning the delay in filing such Form u/s 119(2)(b) of the Act. The provisions of Section 119(2)(b) are meant for redressal of grievances and hardships caused to the petitioner. The petitioner had adopted the option for taxation u/s 115BAA of the Act, which grants relief to companies by enabling them to pay a reduced tax rate of 22% subject to certain conditions.
The High Court allowed the petition and permitted the petitioner to obtain Form 10IC for the Assessment Year 2021 and make a fresh application. The court relied on Wipro Limited [2022 (7) TMI 560 - Supreme Court] and held that the respondent was required to consider the facts of the case by permitting the petitioner to file a fresh Form 10IC and condoning the delay in filing such Form u/s 119(2)(b) of the Act. The provisions of Section 119(2)(b) are meant for redressal of grievances and hardships caused to the petitioner. The petitioner had adopted the option for taxation u/s 115BAA of the Act, which grants relief to companies by enabling them to pay a reduced tax rate of 22% subject to certain conditions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
