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...
Dominant issue: whether the taxpayer could claim the new tax regime under section 115BAC despite delayed filing of Form 10-IE and a slightly late return. Reasoning: while jurisprudence treats late Form 10-IE as a procedural lapse that ordinarily should not forfeit the new regime, the return itself was filed late, rendering the new-regime option infirm and requiring reassessment under the old regime. Outcome: matter remanded to the Assessing Officer to admit and verify alternative claims for deductions under sections 80C and 80TTA and grant relief if substantiated; appeal allowed for statistical purposes. - ITAT
Dominant issue: whether the taxpayer could claim the new tax regime under section 115BAC despite delayed filing of Form 10-IE and a slightly late return. Reasoning: while jurisprudence treats late Form 10-IE as a procedural lapse that ordinarily should not forfeit the new regime, the return itself was filed late, rendering the new-regime option infirm and requiring reassessment under the old regime. Outcome: matter remanded to the Assessing Officer to admit and verify alternative claims for deductions under sections 80C and 80TTA and grant relief if substantiated; appeal allowed for statistical purposes. - ITAT
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