Compromise-and-arrangement extensions may accommodate debt assignment where creditor commercial judgment supports value maximisation and avoids proced...
Delayed-payment surcharge is not taxable tolerance consideration where it penalises default, while meter testing follows electricity distribution trea...
Sufficient cause for delayed revenue income-tax appeals requires bona fides, due diligence and a credible explanation; otherwise limitation bars appea...
Inverted-duty-structure refunds remain available for unchanged-rate apparel supplies despite trader status and require tax-period-specific computation...
Foundational assessment satisfaction is essential before initiating penalty for cash receipt of immovable-property sale consideration under section 27...
ITAT allowed the appeal, holding that s.115BAB (concessional tax on income of new manufacturing domestic companies) and related adjustment provisions are inapplicable where the assessee has not commenced business and has no taxable income. The Tribunal found no profit even after adjustments, and therefore there was no basis to grant or deny a concessional rate, nor to invoke rules concerning shifting of profit or specified domestic transactions for the year under review. Consequently, no adjustment under the concessional-tax provisions was warranted and the ground raised by the assessee was allowed.
ITAT allowed the appeal, holding that s.115BAB (concessional tax on income of new manufacturing domestic companies) and related adjustment provisions are inapplicable where the assessee has not commenced business and has no taxable income. The Tribunal found no profit even after adjustments, and therefore there was no basis to grant or deny a concessional rate, nor to invoke rules concerning shifting of profit or specified domestic transactions for the year under review. Consequently, no adjustment under the concessional-tax provisions was warranted and the ground raised by the assessee was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4913 
