Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
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The primary issue was whether filing an incorrect return form (ITR-7 instead of ITR-5) automatically disentitles an assessee to lawful business expenditure; the tribunal held procedural defect cannot defeat substantive rights, reasoning that taxable liability is confined to lawful tax and disclosed, explained expenditures cannot be disallowed solely for form error, and mandatory registration under sections 11/12 was inapplicable here - consequence: impugned order set aside, appeal allowed; the assessee directed to file financials per ITR-5 and the AO ordered to re-open and complete assessment de novo after hearing. - ITAT
The primary issue was whether filing an incorrect return form (ITR-7 instead of ITR-5) automatically disentitles an assessee to lawful business expenditure; the tribunal held procedural defect cannot defeat substantive rights, reasoning that taxable liability is confined to lawful tax and disclosed, explained expenditures cannot be disallowed solely for form error, and mandatory registration under sections 11/12 was inapplicable here - consequence: impugned order set aside, appeal allowed; the assessee directed to file financials per ITR-5 and the AO ordered to re-open and complete assessment de novo after hearing. - ITAT
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