{"id":3848,"date":"2019-02-04T11:00:33","date_gmt":"2019-02-04T11:00:33","guid":{"rendered":"http:\/\/itatonline.org\/digest\/housing-development-and-infrastructure-ltd-v-pcit-mum-trib-ur\/"},"modified":"2019-02-04T11:00:33","modified_gmt":"2019-02-04T11:00:33","slug":"housing-development-and-infrastructure-ltd-v-pcit-mum-trib-ur","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/housing-development-and-infrastructure-ltd-v-pcit-mum-trib-ur\/","title":{"rendered":"Housing Development and Infrastructure Ltd v. PCIT (Mum.) (Trib.) (UR)"},"content":{"rendered":"<p>Allowing the appeal of the assessee the Tribunal held that, there being a decision by the jurisdictional High Court allowing the deduction of debenture redemption reserve above, it would be binding on the PCIT.\u00a0 PCIT cannot hold that the order of Jurisdictional High Court is per in curium. The revision was based on a mere change of opinion and not because the original order was prejudicial to the interests of the revenue. Hence, the order of the PCIT is liable to be quashed on merits also.\u00a0 Followed CIT v Raymond Ltd (2009) 2009\u00a0 Taxman 65 (Bom.)(HC)and Grasim Industries Ltd. v. CIT\u00a0 (2010) 321 ITR 92 (Bom.)(HC). (ITA. No. 3530\/Mum\/2018 (ITA. No. 3530\/Mum\/2018 \/ 3531 dt. 10-1-2019)(AY. 2009-10, 2010-11)\u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 115JA : Book profit\u2013Debenture Redemption Reserve\u2013 Ascertained liability\u2013Deductible for computing book profits-Order of Assessing Officer as per the ratio of  jurisdictional High Court-Revision is bad in law on merit and law. [S. 263]<\/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":[1],"tags":[],"class_list":["post-3848","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-104","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3848","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=3848"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3848\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=3848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=3848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=3848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}