Dependent Agent PE unresolved for lack of factual inquiry; arm's-length distribution accepted; royalty claim rejected; 15% refund interest (Section 24...
Exemption under s.10(23C)(iiiad) upheld; appeal allowed, interest and dividends excluded from annual receipts, disallowance deleted, capital gains exe...
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.
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