Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
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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