Trademark depreciation and section 14A adjustments: ITAT applies consistency, independent book-profit computation, and no disallowance without exempt ...
Rebuttable search presumptions and corroboration standards shaped deletion of unsubstantiated additions, while rental income and limited profit estima...
The NCLAT held that a direction requiring the liquidator to submit a simpliciter income and expenditure account was only an enabling, interlocutory step and did not decide the refund claim on merits. Refund of TDS deducted on fixed-deposit interest, and the legality of such deduction in liquidation, fall within the domain of the Income Tax Authorities, because the I&B Code contains no provision empowering the Adjudicating Authority to order such refund. The appeal was therefore premature and not maintainable at this stage. Questions based on Section 140 of the Income Tax Act and any claimed exemption were left open for decision by the competent tax authority.
The NCLAT held that a direction requiring the liquidator to submit a simpliciter income and expenditure account was only an enabling, interlocutory step and did not decide the refund claim on merits. Refund of TDS deducted on fixed-deposit interest, and the legality of such deduction in liquidation, fall within the domain of the Income Tax Authorities, because the I&B Code contains no provision empowering the Adjudicating Authority to order such refund. The appeal was therefore premature and not maintainable at this stage. Questions based on Section 140 of the Income Tax Act and any claimed exemption were left open for decision by the competent tax authority.
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