Misdeclaration of quantity rejected where supplier evidence established counting errors, so reassessment, confiscation and redemption fine were set as...
Admissibility of electronic evidence controls valuation and penalty exposure; non compliant e records and statements nullify revaluation and penalties...
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once validly exercised in the first eligible year within time, it applies to subsequent assessment years and cannot be withdrawn.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once validly exercised in the first eligible year within time, it applies to subsequent assessment years and cannot be withdrawn.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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