Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
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Delay in filing Form 10 was condoned where refusal would have exposed the assessee to tax liability and caused grave hardship despite no benefit arising from the delay. The High Court accepted the explanation that the default resulted from the Chartered Accountant's failure, supported by affidavit, and noted that the same officer had already condoned the delay in filing the return of income. On these facts, the rejection of condonation was unsustainable. The impugned order was quashed, the delay in Form 10 was condoned, and the return was directed to be processed in accordance with law.
Delay in filing Form 10 was condoned where refusal would have exposed the assessee to tax liability and caused grave hardship despite no benefit arising from the delay. The High Court accepted the explanation that the default resulted from the Chartered Accountant's failure, supported by affidavit, and noted that the same officer had already condoned the delay in filing the return of income. On these facts, the rejection of condonation was unsustainable. The impugned order was quashed, the delay in Form 10 was condoned, and the return was directed to be processed in accordance with law.
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