Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
Omission to claim deductions and exemptions in an earlier rectification request was not treated as fatal where the tax position was otherwise supported by Form 16 and Form 26AS. The ITAT applied the principle that tax cannot be collected without authority of law and that the Revenue cannot gain from an assessee's ignorance. As the records reflected TDS and advance tax payments, the assessee was given a further opportunity to produce supporting documents. The matter was remitted to the Assessing Officer for de novo assessment and fresh consideration of the claimed deductions, exemptions and tax credits.
Omission to claim deductions and exemptions in an earlier rectification request was not treated as fatal where the tax position was otherwise supported by Form 16 and Form 26AS. The ITAT applied the principle that tax cannot be collected without authority of law and that the Revenue cannot gain from an assessee's ignorance. As the records reflected TDS and advance tax payments, the assessee was given a further opportunity to produce supporting documents. The matter was remitted to the Assessing Officer for de novo assessment and fresh consideration of the claimed deductions, exemptions and tax credits.
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