Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
The ITAT addressed the denial of tax regime option under section 115BAC. The tribunal held that the assessee's option to pay taxes under the new regime was valid, despite not filing Form No. 10-IE within the prescribed time. The court determined that since the assessee had previously opted for the new regime and filed the form in the preceding year, a fresh form was not required. The tribunal found the CPC's denial of the tax option was not in accordance with law and decided in favor of the assessee. Additionally, the tribunal condoned the 71-day delay in filing the appeal, considering the counsel's preoccupation as a sufficient reason.
The ITAT addressed the denial of tax regime option under section 115BAC. The tribunal held that the assessee's option to pay taxes under the new regime was valid, despite not filing Form No. 10-IE within the prescribed time. The court determined that since the assessee had previously opted for the new regime and filed the form in the preceding year, a fresh form was not required. The tribunal found the CPC's denial of the tax option was not in accordance with law and decided in favor of the assessee. Additionally, the tribunal condoned the 71-day delay in filing the appeal, considering the counsel's preoccupation as a sufficient reason.
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