Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Decision addresses entitlement to deduction under Chapter VI-A (80P) and holds that the statutory scheme requires the claim for such deduction to be made in the return of income and that the return must be filed within the due date under the relevant return-filing provision. The court rejects the contention that absence of any return exempts an assessee from the bar in sub-section (5) and, applying a conjoint reading with the companion provision, concludes that failure to file a timely return or to claim the deduction in the return precludes allowance of the deduction; the tribunals application of that approach was upheld.
Decision addresses entitlement to deduction under Chapter VI-A (80P) and holds that the statutory scheme requires the claim for such deduction to be made in the return of income and that the return must be filed within the due date under the relevant return-filing provision. The court rejects the contention that absence of any return exempts an assessee from the bar in sub-section (5) and, applying a conjoint reading with the companion provision, concludes that failure to file a timely return or to claim the deduction in the return precludes allowance of the deduction; the tribunals application of that approach was upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
