Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
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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