Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
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ITAT determined that an LLP partner voluntarily opting for account audit under second proviso to Rule 24(8) triggers mandatory audit requirement. The tribunal held that since return was filed on 17.09.2019, which is within the prescribed due date of 30.09.2019 under Section 139(1), the assessee satisfies statutory conditions. Consequently, the LLP is eligible to carry forward business losses as per Section 139(3), and the assessee's appeal was allowed, establishing that voluntary audit election does not prejudice loss carry-forward rights when timely return filing occurs.
ITAT determined that an LLP partner voluntarily opting for account audit under second proviso to Rule 24(8) triggers mandatory audit requirement. The tribunal held that since return was filed on 17.09.2019, which is within the prescribed due date of 30.09.2019 under Section 139(1), the assessee satisfies statutory conditions. Consequently, the LLP is eligible to carry forward business losses as per Section 139(3), and the assessee's appeal was allowed, establishing that voluntary audit election does not prejudice loss carry-forward rights when timely return filing occurs.
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