Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
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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