Transfer-pricing aggregation of distinct support-service and subcontract transactions was rejected, while debt-free receivables attracted no notional ...
Customs exemptions cover photovoltaic assembly machinery and PVF backsheets, while fully declared cleared imports may avoid confiscation and penalties...
Specific tariff classification for LCD devices overrides treatment as electricity-meter parts, defeating differential duty, extended limitation, and p...
Stayed disciplinary punishment does not establish unfitness for insolvency professional registration; reconsideration must disregard mere pendency of ...
Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
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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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