Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
A High Court applied a pragmatic approach to condonation of delay and held that a one-day delay should not be rejected pedantically where refusal would defeat adjudication on merits. Relying on the principle that substantial justice should prevail over technicalities in limitation matters, and noting the respondent's no-objection, the Court set aside the order treating the appeal as time-barred. The appeal was restored for fresh hearing and decision on merits, while all other contentions, including the underlying tax challenge and impugned notifications, were left open.
A High Court applied a pragmatic approach to condonation of delay and held that a one-day delay should not be rejected pedantically where refusal would defeat adjudication on merits. Relying on the principle that substantial justice should prevail over technicalities in limitation matters, and noting the respondent's no-objection, the Court set aside the order treating the appeal as time-barred. The appeal was restored for fresh hearing and decision on merits, while all other contentions, including the underlying tax challenge and impugned notifications, were left open.
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