Related-party creditor exclusion bars CoC participation where lender rights show policy-making involvement, and post-CIRP assignment cannot cure ineli...
Rectification of apparent typographical errors may proceed without hearing when tax liability, input tax credit, and ruling substance remain unchanged...
The HC upheld the factual findings of the ITAT and CIT(A) that construction commenced after 1st October 1998, entitling the assessee to claim deduction under section 80IB(10), subject to other conditions. Regarding disallowance under section 14A read with Rule 8D, the HC concurred with the ITAT that Rule 8D applies prospectively from AY 2008-09 onwards. Consequently, the CIT(A)'s restriction of disallowance to 10% of exempt income was upheld as valid. The Court found no substantial question of law warranting interference, affirming the lower authorities' decisions on both issues.
The HC upheld the factual findings of the ITAT and CIT(A) that construction commenced after 1st October 1998, entitling the assessee to claim deduction under section 80IB(10), subject to other conditions. Regarding disallowance under section 14A read with Rule 8D, the HC concurred with the ITAT that Rule 8D applies prospectively from AY 2008-09 onwards. Consequently, the CIT(A)'s restriction of disallowance to 10% of exempt income was upheld as valid. The Court found no substantial question of law warranting interference, affirming the lower authorities' decisions on both issues.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
