Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Set-off of losses against income from other sources u/s 70 - Applicability of provision of section 10B - petitioner had the status of EOU for a period of 5 years - The High Court upheld the petitioner's contention that Section 10B was not applicable to them as they were a 100% EOU. - The Court, after considering submissions and legal precedents, ruled in favor of the petitioner, declaring the notices and orders as invalid. The Court affirmed the petitioner's right to set off losses under Section 70 and upheld their interpretation of the law.
Set-off of losses against income from other sources u/s 70 - Applicability of provision of section 10B - petitioner had the status of EOU for a period of 5 years - The High Court upheld the petitioner's contention that Section 10B was not applicable to them as they were a 100% EOU. - The Court, after considering submissions and legal precedents, ruled in favor of the petitioner, declaring the notices and orders as invalid. The Court affirmed the petitioner's right to set off losses under Section 70 and upheld their interpretation of the law.
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