Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
An assessee has statutory discretion to pursue either an appeal under s. 246A or revision under s. 264, and the revisional authority cannot refuse to exercise jurisdiction merely because the impugned order was appealable; consequently, rejection of revision on that ground was invalid and the matter was remitted for de novo consideration. The revisional power under s. 264 is wide and intended to prevent miscarriage of justice, extending to correction of mistakes or errors committed by the assessee in the return of income or audit report; accordingly, the authority was directed to consider such errors and grant relief if legally tenable after affording a hearing within a fixed timeframe - HC
An assessee has statutory discretion to pursue either an appeal under s. 246A or revision under s. 264, and the revisional authority cannot refuse to exercise jurisdiction merely because the impugned order was appealable; consequently, rejection of revision on that ground was invalid and the matter was remitted for de novo consideration. The revisional power under s. 264 is wide and intended to prevent miscarriage of justice, extending to correction of mistakes or errors committed by the assessee in the return of income or audit report; accordingly, the authority was directed to consider such errors and grant relief if legally tenable after affording a hearing within a fixed timeframe - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
