Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
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The ITAT dismissed the Revenue's appeal and upheld the order of the CIT(A) in favour of the assessee. It held that, for computation of book profit u/s 115JB, clause 2(iii) of Explanation 1(i) mandates allowing set-off of the lower of brought-forward business loss or unabsorbed depreciation as per the books of account, on a cumulative basis. Relying on the binding reasoning of a non-jurisdictional High Court and noting dismissal of the Revenue's SLP, the ITAT confirmed that such losses remain available for reduction from book profits until fully absorbed by subsequent profits. No interference with the CIT(A)'s order was warranted, though the matter stands remitted to the AO only for quantification.
The ITAT dismissed the Revenue's appeal and upheld the order of the CIT(A) in favour of the assessee. It held that, for computation of book profit u/s 115JB, clause 2(iii) of Explanation 1(i) mandates allowing set-off of the lower of brought-forward business loss or unabsorbed depreciation as per the books of account, on a cumulative basis. Relying on the binding reasoning of a non-jurisdictional High Court and noting dismissal of the Revenue's SLP, the ITAT confirmed that such losses remain available for reduction from book profits until fully absorbed by subsequent profits. No interference with the CIT(A)'s order was warranted, though the matter stands remitted to the AO only for quantification.
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