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...
Limited scrutiny cannot be expanded into complete scrutiny without the written approval mandated by CBDT Instruction No. 7/2014; the Tribunal found that the assessment was enlarged beyond the original capital gains issue without such approval, so the assessment was quashed. Section 69A was not barred merely because the share acquisition transactions related to time-barred years, as the Tribunal treated the deeming fiction as sufficient to permit enquiry. For section 54F, exemption cannot be denied solely because the residential property was not conveyed by a registered sale deed; where purchase and investment within the statutory period were shown, the denial was unsustainable. The appeal was allowed.
Limited scrutiny cannot be expanded into complete scrutiny without the written approval mandated by CBDT Instruction No. 7/2014; the Tribunal found that the assessment was enlarged beyond the original capital gains issue without such approval, so the assessment was quashed. Section 69A was not barred merely because the share acquisition transactions related to time-barred years, as the Tribunal treated the deeming fiction as sufficient to permit enquiry. For section 54F, exemption cannot be denied solely because the residential property was not conveyed by a registered sale deed; where purchase and investment within the statutory period were shown, the denial was unsustainable. The appeal was allowed.
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