Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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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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