Condonation of Delay: Tribunal directed condonation where rectification proceedings were pursued, ordering merits adjudication after opportunity to be...
Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
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Assessing Officer recalculated and adopted a fair market value for land at the time of its conversion into stock in trade but failed to apply that same value when computing business income and cost of acquisition, generating a mistake apparent on record. The appellate authority corrected this by treating the fair market value at conversion as the cost for subsequent business profit computation, deleting the addition. The tribunal found the appellate officer properly exercised appellate powers under the statute to rectify the evident error and upheld the appellate order, deciding against the revenue.
Assessing Officer recalculated and adopted a fair market value for land at the time of its conversion into stock in trade but failed to apply that same value when computing business income and cost of acquisition, generating a mistake apparent on record. The appellate authority corrected this by treating the fair market value at conversion as the cost for subsequent business profit computation, deleting the addition. The tribunal found the appellate officer properly exercised appellate powers under the statute to rectify the evident error and upheld the appellate order, deciding against the revenue.
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