PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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Section 115BAB gives a new manufacturing domestic company's option continuing effect: once validly exercised in the first eligible year within time, it applies to subsequent assessment years and cannot be withdrawn. On the facts, the assessee had already exercised the option in the preceding year, so the concessional regime continued for the year under consideration. The benefit could not be denied merely because the original return for that year was later treated as invalid under section 139(9), as that technical defect did not convert the year into a fresh first-year exercise of option.
Section 115BAB gives a new manufacturing domestic company's option continuing effect: once validly exercised in the first eligible year within time, it applies to subsequent assessment years and cannot be withdrawn. On the facts, the assessee had already exercised the option in the preceding year, so the concessional regime continued for the year under consideration. The benefit could not be denied merely because the original return for that year was later treated as invalid under section 139(9), as that technical defect did not convert the year into a fresh first-year exercise of option.
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