https://www.taxtmi.com/highlights?id=103657 Return filed in response to a reassessment notice may be treated as a regular return where delayed filing was bona fide because an advance-ruling application on the taxability of the sole transaction remained pending. Credit of tax deducted at source and other prepaid taxes must be allowed against the assessed demand; once such adjustment is permissible, excess prepaid tax cannot be denied as a refund without statutory basis. Fresh assessment must verify the prepaid-tax credits, grant any resulting refund with applicable interest, and may entail fresh penalty proceedings where warranted. en-us Fri, 11 Sep 2026 08:30:04 +0530 Fri, 11 Sep 2026 08:30:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=103657 Return filed in response to a reassessment notice may be treated as a regular return where delayed filing was bona fide because an advance-ruling application on the taxability of the sole transaction remained pending. Credit of tax deducted at source and other prepaid taxes must be allowed against the assessed demand; once such adjustment is permissible, excess prepaid tax cannot be denied as a refund without statutory basis. Fresh assessment must verify the prepaid-tax credits, grant any resulting refund with applicable interest, and may entail fresh penalty proceedings where warranted. Highlights Income Tax Fri, 11 Sep 2026 08:30:04 +0530 https://www.taxtmi.com/highlights?id=103657