S. 72 : Carry forward and set off of business losses-Carry forward and set off losses-Change in share holdings-Companies which public are not substantial interested-Tribunal was justified in directing the AO to expunge the concluding remark brought forward loss is not allowed to be carry forward-Unabsorbed depreciation and capital losses do not fall within the scope and ambit of S. 79 [S.32(2), 79, 254(1), 260A, 1922 ITACT, S. 24(2), 24(3)]
S.43B: Deductions on actual payment-Interest paid to financial institutions-Reassessment-Claim for deduction not made earlier-No original assessment-Assessment order pursuant to original and revised return-Claim made during assessment proceedings-Allowable as deduction. [S.43B, 139(5), 147(b), 260A]
S. 40(a)(ii) : Amounts not deductible-Rates or tax-Education cess-Not allowable as business expenditure. [S. 37(1)]
S. 32 : Depreciation-Block of assets-Hotel-Temporary closure-Put to use less than 180 days-Second proviso-Acquired earlier years-Second and third proviso is not applicable-Depreciation is allowable.[S. 32(1), 260A]
S. 148A: Reassessment – Conducting inquiry, providing opportunity before issue of notice – Following the ratio in UOI v. Rajeev Bansal [2024] 167 taxmann.com 70 (SC) the time limit for issue of notice was extended only up to 30 -6 -2021 – Assessment year 2013 -14 the notice was issued on 29 -7 -2022 , for the Assessment year 2014 -15 the notice was issued on 31 -7 -2022 and for the Assessment year 2015 -16 the notice was issued on 28 -7 -2022 -All the notices are barred by limitation – Reassessment is quashed . [ S. 147, 148 , 148A(b), 148A(d) , 149(1), TOLA, S.2, 3 ]
Income Declaration Scheme, 2016.
S. 183: Payment of tax-Adjustment of advance tax and self assessment tax-Matter is remanded with the direction for redo the exercise after examining the accounts of the assessee for AY. 2012-13 and ascertain whether the assessee has indeed made a correct declaration of income. [Art. 226]
Direct Tax Vivad Se Vishwas Act, 2020.
S. 4 : Pendency of appeal-Order passed by Tribunal-Not served on the assessee-Appeal cannot be treated as pending-Rejection of application is held to be justified.[S. 2(1)(a), R.9 Form Nos. 1, 2, Art.226]
S. 264 : Commissioner-Revision of other orders-Rejection application under section 154-Intimation-Remuneration to partners-Expenses claimed-Directed to file an appeal-Writ petition is dismissed-Delay in filing the appeal or Revision against the intimation is directed to be condoned. [S. 143(1), 154, 246A, Art. 226]
S. 261 : Appeal-Supreme Court-Interpretation of taxing statue-Binding precedent-Review petition is pending-Judgment of the three Judge Bench is holding the field-Judgment has to be followed-Non-Resident-Computer software supplier-Not royalty-Not taxable in India-DTAA-India-USA.[S. 9(1)(vii), 90, Art. 12, Code of Civil Procedure, 1908, Order XLVII, R 1]
S. 205 : Deduction at source-Bar against direct demand-Tax deducted at source-What the Revenue cannot do directly, it is impermissible for it to reach the same end indirectly-Revenue is directed to refund-Mistake apparent-Review petition is dismissed.[S.260A, Form No 16A]