Retrospective application of beneficial circulars upheld, binding officers and granting post adjudication relief where adjudication occurred after cir...
Admissibility of Investigation Statements requires witness examination before the adjudicating authority; otherwise statements cannot sustain a penalt...
The High Court dealt with multiple MAT computation issues under Section 115JB, applying Apollo Tyres to hold that items not covered by Explanation 1, including foreign corporate tax and deferred revenue expenditure, could not be added back. It also accepted concurrent findings that state capital investment subsidy was a capital receipt, that expenditure on construction of a government-owned road was revenue in nature, and that wealth tax provision was not contemplated under the section. The appeal was admitted only on four issues: sales tax subsidy in book profit, provision for bad and doubtful debts, revenue from trial run production, and withdrawal from share premium account, to be heard with the connected appeal for the earlier year.
The High Court dealt with multiple MAT computation issues under Section 115JB, applying Apollo Tyres to hold that items not covered by Explanation 1, including foreign corporate tax and deferred revenue expenditure, could not be added back. It also accepted concurrent findings that state capital investment subsidy was a capital receipt, that expenditure on construction of a government-owned road was revenue in nature, and that wealth tax provision was not contemplated under the section. The appeal was admitted only on four issues: sales tax subsidy in book profit, provision for bad and doubtful debts, revenue from trial run production, and withdrawal from share premium account, to be heard with the connected appeal for the earlier year.
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