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...
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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