Interest on Wrongful Input Tax Credit is mandatory where excess transitional credit was retained and later reversed, and related objections were rejec...
Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
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
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