Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
The dominant issue was whether a belated return for the second year disqualified the taxpayer from the 15% concessional rate under s.115BAB, warranting taxation at higher rates. The tribunal held that s.115BAB(7) mandates only that the option be exercised in the prescribed manner by filing Form 10-ID on or before the s.139(1) due date for the first year in which the option is first exercised; there is no statutory requirement that the return itself must be filed under s.139(1) to claim s.115BAB. Since a valid Form 10-ID option was exercised and accepted for the first year, the concessional rate continued for the subsequent year; the appellate order was reversed and relief granted. - ITAT
The dominant issue was whether a belated return for the second year disqualified the taxpayer from the 15% concessional rate under s.115BAB, warranting taxation at higher rates. The tribunal held that s.115BAB(7) mandates only that the option be exercised in the prescribed manner by filing Form 10-ID on or before the s.139(1) due date for the first year in which the option is first exercised; there is no statutory requirement that the return itself must be filed under s.139(1) to claim s.115BAB. Since a valid Form 10-ID option was exercised and accepted for the first year, the concessional rate continued for the subsequent year; the appellate order was reversed and relief granted. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4824 
Join Channel 
