Revenue authority mandates using scheme-specific reversal procedures, not revising original entries, for instrument-based trade/customs benefits effec...
Transaction value under s.15(1) governs unrelated sales; valuation between related parties per Rule 28; consignment note required for unregistered rec...
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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