{"id":15953,"date":"2021-03-24T12:28:07","date_gmt":"2021-03-24T06:58:07","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pcit-v-jeans-knit-pvt-ltd-2021-430-itr-476-karn-hc\/"},"modified":"2021-03-24T12:28:07","modified_gmt":"2021-03-24T06:58:07","slug":"pcit-v-jeans-knit-pvt-ltd-2021-430-itr-476-karn-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-jeans-knit-pvt-ltd-2021-430-itr-476-karn-hc\/","title":{"rendered":"PCIT v. Jeans Knit Pvt. Ltd. (2021) 430 ITR 476 (Karn.)(HC)"},"content":{"rendered":"<p>Dismissing the appeal the Court held that the undertaking was not\u00a0 formed by reconstruction\u00a0 hence\u00a0 the order of\u00a0 Tribunal is affirmed.\u00a0 Followed <strong>\u00a0<\/strong>Bajai Tempo Ltd.\u00a0<a href=\"http:\/\/www.taxlawsonline.com\/%5b1992%5d%20196%20ITR%200188\">(1992)\u00a0 196 ITR 188<\/a>\u00a0(SC) . As regards the enhancement of claim the Court affirmed the finding of the Tribunal Court also held that as there was no accumulated profits the provision of section 2(22)( e ) cannot be made applicable. (AY.2007-08, 2008-09, 2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 10B : Export oriented undertakings-Formed not by reconstruction-Entitle to exemption-Enhancement of claim during assessment proceedings-Direction of Tribunal is held to be justified- Deemed dividend-No accumulated profits- Deletion of addition is held to be justified. [S. 2(22)(e),  254(1)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-15953","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-49j","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15953","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=15953"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15953\/revisions"}],"predecessor-version":[{"id":15954,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15953\/revisions\/15954"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=15953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=15953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=15953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}