Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Interest and other realizations of a co-operative bank under liquidation were held not taxable because section 21(2) of the DICGCI Act required all funds realized to be applied first toward repayment of DICGCI liabilities, leaving the bank with no dominion except for permitted liquidation expenses. The Tribunal applied the doctrine of diversion of income by overriding title and held that the amounts were diverted at source and never accrued as income to the assessee. As income did not accrue, the character of the receipt and the related set-off issue did not survive. The CIT(A)'s deletion of the addition was upheld and the Revenue's appeal failed.
Interest and other realizations of a co-operative bank under liquidation were held not taxable because section 21(2) of the DICGCI Act required all funds realized to be applied first toward repayment of DICGCI liabilities, leaving the bank with no dominion except for permitted liquidation expenses. The Tribunal applied the doctrine of diversion of income by overriding title and held that the amounts were diverted at source and never accrued as income to the assessee. As income did not accrue, the character of the receipt and the related set-off issue did not survive. The CIT(A)'s deletion of the addition was upheld and the Revenue's appeal failed.
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