Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
Exclusion of limitation period: pandemic suspension plus debtor acknowledgement can extend limitation, requiring fresh factfinding on guarantee invoca...
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Notional carry forward of depreciation losses that were previously set off against other income cannot be notionally brought forward to compute the deduction under section 80IA, because section 80IA(5) contains no mandate for such notional setoff; consequence: such earlier-absorbed losses are excluded when computing the 80IA deduction. Separately, section 80IA(9) prevents double claiming of deductions so that deductions under other Chapter VIA provisions remain computable but their combined allowability with 80IA is capped at 100% of business profits; CBDT guidance supports this limiting effect to prevent repeated deductions.
Notional carry forward of depreciation losses that were previously set off against other income cannot be notionally brought forward to compute the deduction under section 80IA, because section 80IA(5) contains no mandate for such notional setoff; consequence: such earlier-absorbed losses are excluded when computing the 80IA deduction. Separately, section 80IA(9) prevents double claiming of deductions so that deductions under other Chapter VIA provisions remain computable but their combined allowability with 80IA is capped at 100% of business profits; CBDT guidance supports this limiting effect to prevent repeated deductions.
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