Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
The ITAT allowed the assessee's appeal, directing the AO to grant MAT credit under section 115JAA against normal tax liability. The tribunal held that the assessee is entitled to set off accumulated MAT credits to the extent of the excess normal tax liability over MAT liability, with any remaining credit to be carried forward and adjusted in subsequent years as per law. The CIT(A)'s denial of MAT credit was found to lack legal basis. Consequently, the assessee's claim for relief through MAT credit was upheld in full.
The ITAT allowed the assessee's appeal, directing the AO to grant MAT credit under section 115JAA against normal tax liability. The tribunal held that the assessee is entitled to set off accumulated MAT credits to the extent of the excess normal tax liability over MAT liability, with any remaining credit to be carried forward and adjusted in subsequent years as per law. The CIT(A)'s denial of MAT credit was found to lack legal basis. Consequently, the assessee's claim for relief through MAT credit was upheld in full.
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