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 assessee, being a domestic company which elected taxation under section 115BAA by filing Form 10IC for FY 2019-20 and subsequent years, is taxable at the prescribed flat rate of 22% on its total income, including long-term capital gains. The Tribunal found no merit in applying the concessional 20% rate under section 112 and upheld the order of the CIT(A). Consequentially, the appeal is dismissed and the assessment stands confirmed at the 22% rate pursuant to the assessee's valid exercise of the 115BAA option.
ITAT held that the assessee, being a domestic company which elected taxation under section 115BAA by filing Form 10IC for FY 2019-20 and subsequent years, is taxable at the prescribed flat rate of 22% on its total income, including long-term capital gains. The Tribunal found no merit in applying the concessional 20% rate under section 112 and upheld the order of the CIT(A). Consequentially, the appeal is dismissed and the assessment stands confirmed at the 22% rate pursuant to the assessee's valid exercise of the 115BAA option.
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