The Supreme Court dismissed the Revenue’s appeal due to unexplained delay. This left intact the High Court ruling quashing reassessment based on a rejected share valuation.
The judgment reiterates that valuation must comply with statutory rules and cannot hinge on a single third-party transaction. Reassessment contrary to this principle was quashed.
The Tribunal ruled that non-filing of Form 10B is a curable defect and cannot justify denial of exemption during processing. Section 143(1) cannot be used to decide debatable exemption issues.
The proposal highlights inequities under individual taxation for single-earner families. Joint filing could align tax liability with household income capacity.
The new legislation restructures and simplifies income-tax provisions without altering tax rates. It aims to improve ease of compliance and legal clarity.
