Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
HC allowed the writ petition filed by A against the revenue authorities, holding that disability pension received on premature retirement from the Army is exempt income and not chargeable to tax. The HC quashed the impugned order passed u/s 119(2)(b) rejecting condonation of delay in filing the revised return and belated refund claim. It held that the authority erred in mechanically relying on Circular No. 9/2015 without appreciating the undisputed exempt nature of the disability pension. The respondents were directed to refund the entire income tax recovered for the relevant assessment years with interest at 9% p.a. within three months, failing which enhanced interest at 18% p.a. shall apply.
HC allowed the writ petition filed by A against the revenue authorities, holding that disability pension received on premature retirement from the Army is exempt income and not chargeable to tax. The HC quashed the impugned order passed u/s 119(2)(b) rejecting condonation of delay in filing the revised return and belated refund claim. It held that the authority erred in mechanically relying on Circular No. 9/2015 without appreciating the undisputed exempt nature of the disability pension. The respondents were directed to refund the entire income tax recovered for the relevant assessment years with interest at 9% p.a. within three months, failing which enhanced interest at 18% p.a. shall apply.
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