Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
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The ITAT held that the Central Board of Direct Taxes (CBDT) circulars are binding on the Income Tax Authorities. The Board for Industrial and Financial Reconstruction (BIFR) had recommended reliefs and concessions, including the set-off of carried forward business losses against business income, which were considered by the CBDT. Since the BIFR's recommendations were made after considering the views of the Income Tax Department, the assessee was entitled to the benefit of setting off brought forward business losses against business income as per the CBDT circular. The Tribunal relied on the Madras High Court's decision in CIT vs. Lakshmi Machine Works Ltd., which held that the provisions of the Sick Industrial Companies Act (SICA) would override the Income Tax Act's provisions. Regarding the disallowance u/s 14A, the interest expense disallowance was deleted as substantial interest-free funds were available, but the administrative expense disallowance was upheld due to lack of details.
The ITAT held that the Central Board of Direct Taxes (CBDT) circulars are binding on the Income Tax Authorities. The Board for Industrial and Financial Reconstruction (BIFR) had recommended reliefs and concessions, including the set-off of carried forward business losses against business income, which were considered by the CBDT. Since the BIFR's recommendations were made after considering the views of the Income Tax Department, the assessee was entitled to the benefit of setting off brought forward business losses against business income as per the CBDT circular. The Tribunal relied on the Madras High Court's decision in CIT vs. Lakshmi Machine Works Ltd., which held that the provisions of the Sick Industrial Companies Act (SICA) would override the Income Tax Act's provisions. Regarding the disallowance u/s 14A, the interest expense disallowance was deleted as substantial interest-free funds were available, but the administrative expense disallowance was upheld due to lack of details.
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