Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
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...
An accumulated amount claimed as exempt under section 11(2) in AY 2012-13 could not be re-claimed as exempt in AY 2017-18 when the assessee had already obtained exemption for that accumulation and no material showed otherwise. The Tribunal treated the fresh claim as a double exemption. It also found, on the assessee's accounts and Form 10B, that the current year's income met the year's expenditure, while the disputed accumulated amount was not applied and remained in reserves. As the accumulation stayed unutilised until expiry of the permitted period, section 11(3) applied and the balance became deemed income. The Revenue's appeal was allowed and the addition was restored.
An accumulated amount claimed as exempt under section 11(2) in AY 2012-13 could not be re-claimed as exempt in AY 2017-18 when the assessee had already obtained exemption for that accumulation and no material showed otherwise. The Tribunal treated the fresh claim as a double exemption. It also found, on the assessee's accounts and Form 10B, that the current year's income met the year's expenditure, while the disputed accumulated amount was not applied and remained in reserves. As the accumulation stayed unutilised until expiry of the permitted period, section 11(3) applied and the balance became deemed income. The Revenue's appeal was allowed and the addition was restored.
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