Appeal dismissed: petitioner denied ITC for electricity used in township maintenance as residential supply; Explanation 1(d) prospective under s.2(17)...
Registration under section 12AA granted where substantive charitable objects for ex-servicemen, incidental commercial activity permitted and profits a...
The ITAT held that the assessing officer must compute tax liability on the addition under section 69A at the 30% rate prescribed by the pre-amended section 115BBE, rejecting application of the post-amendment 60% rate; the Tribunal followed the reasoning of its coordinate bench and applied precedent to direct reassessment consistent with the pre-amendment regime. The AO is directed to determine tax on the specified addition accordingly, with consequential adjustments as necessary. The additional ground invoked by the assessee is allowed and the matter is remitted for computation and assessment in accordance with this direction.
The ITAT held that the assessing officer must compute tax liability on the addition under section 69A at the 30% rate prescribed by the pre-amended section 115BBE, rejecting application of the post-amendment 60% rate; the Tribunal followed the reasoning of its coordinate bench and applied precedent to direct reassessment consistent with the pre-amendment regime. The AO is directed to determine tax on the specified addition accordingly, with consequential adjustments as necessary. The additional ground invoked by the assessee is allowed and the matter is remitted for computation and assessment in accordance with this direction.
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