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 ITAT upheld the CIT(A)'s order rejecting the assessee's books of accounts and estimating total income. When books are rejected u/s 145 and income estimated u/s 144, the estimate substitutes business income computed u/ss 30-43D. All deductions u/ss 30-43D are deemed considered in the estimate. The ITAT found no infirmity in rejecting books and estimating income.
The ITAT upheld the CIT(A)'s order rejecting the assessee's books of accounts and estimating total income. When books are rejected u/s 145 and income estimated u/s 144, the estimate substitutes business income computed u/ss 30-43D. All deductions u/ss 30-43D are deemed considered in the estimate. The ITAT found no infirmity in rejecting books and estimating income.
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