Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Income from sale of assets of a bank under liquidation was held not to be diverted at source by overriding title in favour of DICGC; the income accrued to the official liquidator, and the claim of no taxable accrual was rejected. In rectification proceedings, the Tribunal held that the set-off of deemed short-term capital gain on depreciable assets against brought forward business loss was a debatable issue and could not be corrected as an apparent mistake under section 154; the rectification order was quashed. It also held that a bad debt written off in the ordinary course of banking business satisfied the statutory conditions, and actual proof of irrecoverability was not required once the write-off was made; the disallowance was deleted.
Income from sale of assets of a bank under liquidation was held not to be diverted at source by overriding title in favour of DICGC; the income accrued to the official liquidator, and the claim of no taxable accrual was rejected. In rectification proceedings, the Tribunal held that the set-off of deemed short-term capital gain on depreciable assets against brought forward business loss was a debatable issue and could not be corrected as an apparent mistake under section 154; the rectification order was quashed. It also held that a bad debt written off in the ordinary course of banking business satisfied the statutory conditions, and actual proof of irrecoverability was not required once the write-off was made; the disallowance was deleted.
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