Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
ITAT dismissed the assessee's appeal challenging the denial of exemption under section 11. The tribunal found no procedural fault in the DCIT(CPC)'s order, which was based on the original tax return where no exemption was claimed. The assessee failed to file a revised return or correct PAN details for over seven years, despite acknowledging the incorrect form submission. The tribunal held that the assessment order was valid, as the assessee did not take timely corrective actions to substantiate the claimed exemption.
ITAT dismissed the assessee's appeal challenging the denial of exemption under section 11. The tribunal found no procedural fault in the DCIT(CPC)'s order, which was based on the original tax return where no exemption was claimed. The assessee failed to file a revised return or correct PAN details for over seven years, despite acknowledging the incorrect form submission. The tribunal held that the assessment order was valid, as the assessee did not take timely corrective actions to substantiate the claimed exemption.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
