Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
The ITAT Mumbai dismissed the assessee's appeal as not maintainable due to pending liquidation process. Penalty u/s 271 imposed for failure to audit accounts u/s 44AB. IBC 2016 prevails over IT Act, limiting Income Tax authorities' jurisdiction during moratorium. CIT(A) erred in not adjudicating tax dues issue despite liquidation process, which was within scope. Failure to adjudicate on merit by CIT(A) despite no legal impediments. IT authorities can determine tax dues during moratorium. Case restored to CIT(A) for proper adjudication.
The ITAT Mumbai dismissed the assessee's appeal as not maintainable due to pending liquidation process. Penalty u/s 271 imposed for failure to audit accounts u/s 44AB. IBC 2016 prevails over IT Act, limiting Income Tax authorities' jurisdiction during moratorium. CIT(A) erred in not adjudicating tax dues issue despite liquidation process, which was within scope. Failure to adjudicate on merit by CIT(A) despite no legal impediments. IT authorities can determine tax dues during moratorium. Case restored to CIT(A) for proper adjudication.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
