Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Issue was whether CPC could, in an intimation under s.143(1)(a)(ii), treat a belated return as an "incorrect claim" and deny deduction under s.80P for the relevant AY. Although coordinate benches had held that belated filing is not covered by the Explanation to "incorrect claim" and noted that a specific adjustment for such disallowance was introduced only by s.143(1)(a)(v) w.e.f. 01.04.2021, the Tribunal followed the binding precedent of the jurisdictional HC, which had upheld denial of s.80P in s.143(1)(a)(ii) where the return was not filed within s.139(1) due date; hence the intimation was sustained and the appeal was dismissed. - ITAT
Issue was whether CPC could, in an intimation under s.143(1)(a)(ii), treat a belated return as an "incorrect claim" and deny deduction under s.80P for the relevant AY. Although coordinate benches had held that belated filing is not covered by the Explanation to "incorrect claim" and noted that a specific adjustment for such disallowance was introduced only by s.143(1)(a)(v) w.e.f. 01.04.2021, the Tribunal followed the binding precedent of the jurisdictional HC, which had upheld denial of s.80P in s.143(1)(a)(ii) where the return was not filed within s.139(1) due date; hence the intimation was sustained and the appeal was dismissed. - ITAT
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