Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
The HC dismissed the challenge, holding that the assessee had disclosed acquisition of the foreign asset in the original returns for AY 2012-13 and 2013-14 and in the return filed under s.153A prior to issuance of any penalty notice; books of account corroborated the disclosure. Applying the principle that a return filed under s.153A qualifies as a return for purposes of s.139(1), the tribunal and commissioner correctly concluded there was no failure to disclose and that imposition of the Rs.10 lakh penalty was not warranted on account of a remediable technical formatting defect. No substantial question of law arises.
The HC dismissed the challenge, holding that the assessee had disclosed acquisition of the foreign asset in the original returns for AY 2012-13 and 2013-14 and in the return filed under s.153A prior to issuance of any penalty notice; books of account corroborated the disclosure. Applying the principle that a return filed under s.153A qualifies as a return for purposes of s.139(1), the tribunal and commissioner correctly concluded there was no failure to disclose and that imposition of the Rs.10 lakh penalty was not warranted on account of a remediable technical formatting defect. No substantial question of law arises.
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