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...
ITAT held that the option under s.115BAA, once exercised by filing Form 10-IC, ordinarily cannot be withdrawn; however, where statutory conditions in s.115BAA(2) are not satisfied and the assessee claimed MAT credit under s.115JAA (which is incompatible with the concessional regime), the exercised option is treated as ineffectual for the relevant and subsequent assessment years. The Tribunal invalidated the s.115BAA election in such circumstances, directed remand to the file of the CIT(A) for verification of records and fresh adjudication, and permitted the assessee to compute tax under the pre-115BAA regime to enable a legitimate claim of MAT credit.
ITAT held that the option under s.115BAA, once exercised by filing Form 10-IC, ordinarily cannot be withdrawn; however, where statutory conditions in s.115BAA(2) are not satisfied and the assessee claimed MAT credit under s.115JAA (which is incompatible with the concessional regime), the exercised option is treated as ineffectual for the relevant and subsequent assessment years. The Tribunal invalidated the s.115BAA election in such circumstances, directed remand to the file of the CIT(A) for verification of records and fresh adjudication, and permitted the assessee to compute tax under the pre-115BAA regime to enable a legitimate claim of MAT credit.
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