Educational approval requires mandatory State registration, but incidental surplus and trustee-owned land do not prove private benefit or profit motiv...
Judicial review of settlement orders cannot reopen settled customs notices, while statutory interest remains subject to verification and quantificatio...
Customs Broker licence lending for consideration justified revocation where exporter authorisation and client verification obligations were also breac...
ITAT affirms that a revised return filed within the due date which first elects the concessional regime under s.115BAA substitutes the original return and validly constitutes the s.115BAA election; the AO's characterization of such filing as a prohibited "withdrawal" is rejected. Consequent to acceptance of s.115BAA for AY 2021-22, the assessee is ineligible to claim MAT credit for that year; the AO is directed to verify any MAT credit claimed. While s.115BAA(2) bars set-off of losses attributable to specified deductions, the tribunal accepts the appellate factual finding that the assessee's brought-forward business and capital losses are not so barred and allows their set-off, upholding the CIT(A) conclusions.
ITAT affirms that a revised return filed within the due date which first elects the concessional regime under s.115BAA substitutes the original return and validly constitutes the s.115BAA election; the AO's characterization of such filing as a prohibited "withdrawal" is rejected. Consequent to acceptance of s.115BAA for AY 2021-22, the assessee is ineligible to claim MAT credit for that year; the AO is directed to verify any MAT credit claimed. While s.115BAA(2) bars set-off of losses attributable to specified deductions, the tribunal accepts the appellate factual finding that the assessee's brought-forward business and capital losses are not so barred and allows their set-off, upholding the CIT(A) conclusions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4830 
Join Channel 
