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...
Validity of reopening under section 147/148 is contested on the ground that the sanction required from the competent authority was not obtained; the notice issued in AY 2015-16 on 28 March 2021 falls within the temporal ratio of the cited Supreme Court authority, but was quashed because the sanction stated on the notice was from the CIT (Exemption) rather than the Joint Commissioner mandated by law, and Revenue cannot contradict the express language of the notice regarding whose satisfaction was obtained. The necessity for sanction by the specific authority is determinative, leading to invalidation of the notice.
Validity of reopening under section 147/148 is contested on the ground that the sanction required from the competent authority was not obtained; the notice issued in AY 2015-16 on 28 March 2021 falls within the temporal ratio of the cited Supreme Court authority, but was quashed because the sanction stated on the notice was from the CIT (Exemption) rather than the Joint Commissioner mandated by law, and Revenue cannot contradict the express language of the notice regarding whose satisfaction was obtained. The necessity for sanction by the specific authority is determinative, leading to invalidation of the notice.
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