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 and set aside the addition of Rs.50 lakhs by directing deletion of the disallowance under section 11(2). The Tribunal found both Form No.10 and Form No.10BB were filed within the statutory due date, and the revised audit report in Form No.10BB rectifying the mismatch was submitted to CPC before processing under section 143(1). Applying consistent tribunal precedent, the ITAT held such rectification constitutes compliance with statutory requirements and precludes denial of exemption under section 11. The CPC's disallowance, sustained by the Ld. CIT(A), was held not in accordance with law and the exemption was restored.
The ITAT allowed the assessee's appeal and set aside the addition of Rs.50 lakhs by directing deletion of the disallowance under section 11(2). The Tribunal found both Form No.10 and Form No.10BB were filed within the statutory due date, and the revised audit report in Form No.10BB rectifying the mismatch was submitted to CPC before processing under section 143(1). Applying consistent tribunal precedent, the ITAT held such rectification constitutes compliance with statutory requirements and precludes denial of exemption under section 11. The CPC's disallowance, sustained by the Ld. CIT(A), was held not in accordance with law and the exemption was restored.
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