Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
ITAT ruled that an assessee who initially filed Form 10-IE opting for new tax regime under Section 115BAC but subsequently filed income tax return under old regime cannot be compelled to adopt new taxation framework. The tribunal found that since the return was filed under old regime, the assessee's choice to revert to previous taxation method was valid. The Additional/Joint CIT's order upholding CPC's processing under new regime was set aside, and the assessee's grounds were allowed, permitting taxation under the traditional tax calculation method for the relevant assessment year.
ITAT ruled that an assessee who initially filed Form 10-IE opting for new tax regime under Section 115BAC but subsequently filed income tax return under old regime cannot be compelled to adopt new taxation framework. The tribunal found that since the return was filed under old regime, the assessee's choice to revert to previous taxation method was valid. The Additional/Joint CIT's order upholding CPC's processing under new regime was set aside, and the assessee's grounds were allowed, permitting taxation under the traditional tax calculation method for the relevant assessment year.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
