Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Composite inpatient healthcare supply may retain exemption despite MRP medicine billing, while separate taxable sale characterisation remains disputed...
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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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