Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
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...
Adjustment u/s 143(1) denying the alternate claim of exemption u/s 11 solely for non-filing of audit report in Form 10B was held impermissible, since the defect was curable and the claim involved a debatable issue that could not be adjusted at the processing stage, particularly without providing an opportunity u/s 139(9). The processing also could not disallow the entire expenses, as only income embedded in gross receipts is taxable and eligible revenue expenditure (including depreciation), incurred exclusively to earn such income, must be allowed in computing income under ss. 56-57. The impugned order was set aside and the matter remanded for fresh decision after due opportunity. - ITAT
Adjustment u/s 143(1) denying the alternate claim of exemption u/s 11 solely for non-filing of audit report in Form 10B was held impermissible, since the defect was curable and the claim involved a debatable issue that could not be adjusted at the processing stage, particularly without providing an opportunity u/s 139(9). The processing also could not disallow the entire expenses, as only income embedded in gross receipts is taxable and eligible revenue expenditure (including depreciation), incurred exclusively to earn such income, must be allowed in computing income under ss. 56-57. The impugned order was set aside and the matter remanded for fresh decision after due opportunity. - ITAT
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