Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
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The crux pertains to the inclusion of sale value of old rubber trees in computing book profit u/s 115JB. The Kerala High Court had previously ruled against the assessee in its own case for prior years, holding that the sale value should be included while computing book profit. Although the assessee challenged this before the Supreme Court, the High Court's decision remains binding until set aside. Consequently, the Assessing Officer rightly invoked Section 154 to rectify the mistake of non-inclusion, as non-consideration of judicial precedents constitutes a valid ground for rectification u/s 154. The Tribunal dismissed the assessee's appeal, upholding the Assessing Officer's action, rendering other grounds raised by the assessee redundant.
The crux pertains to the inclusion of sale value of old rubber trees in computing book profit u/s 115JB. The Kerala High Court had previously ruled against the assessee in its own case for prior years, holding that the sale value should be included while computing book profit. Although the assessee challenged this before the Supreme Court, the High Court's decision remains binding until set aside. Consequently, the Assessing Officer rightly invoked Section 154 to rectify the mistake of non-inclusion, as non-consideration of judicial precedents constitutes a valid ground for rectification u/s 154. The Tribunal dismissed the assessee's appeal, upholding the Assessing Officer's action, rendering other grounds raised by the assessee redundant.
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