Delayed judgment pronouncement alone does not invalidate Tribunal orders, while rectification cannot reopen evidence or negate confiscation-related pe...
Agricultural-land reinvestment qualifies when transfer consideration precedes replacement purchase, while unexamined claims may be reassessed on escap...
Bona fide public fixed-deposit explanations prevent concealment penalties where unexplained-credit additions lack independent evidence of undisclosed ...
The Income Tax Appellate Tribunal ruled that while computing book profit u/s 115JB, adjustments u/s 14A read with Rule 8D are impermissible. However, expenditure directly incurred towards generating exempt income can be added to book profit under Explanation 1(f) to Section 115JB(2), without resorting to the amount calculated u/s 14A read with Rule 8D. The matter was remanded to the Assessing Officer to verify such expenditure. Regarding additions u/s 153A, if the year is an unabated assessment year without incriminating material, no addition can be made. However, completed assessments can be reopened u/ss 147/148, subject to conditions, following the Supreme Court's decision in Abhisar Buildwell.
The Income Tax Appellate Tribunal ruled that while computing book profit u/s 115JB, adjustments u/s 14A read with Rule 8D are impermissible. However, expenditure directly incurred towards generating exempt income can be added to book profit under Explanation 1(f) to Section 115JB(2), without resorting to the amount calculated u/s 14A read with Rule 8D. The matter was remanded to the Assessing Officer to verify such expenditure. Regarding additions u/s 153A, if the year is an unabated assessment year without incriminating material, no addition can be made. However, completed assessments can be reopened u/ss 147/148, subject to conditions, following the Supreme Court's decision in Abhisar Buildwell.
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TaxTMI 
TaxTMI 
of 4908 
