https://www.taxtmi.com/caselaws?id=63324 The Tribunal ruled that Section 44BBA of the Income Tax Act, being a machinery provision, cannot be applied to compute income when the assessee has incurred losses, as it cannot override the fundamental requirement of income for taxability. Consequently, no income was computable under Section 44BBA. Furthermore, the Tribunal found that the levy of interest under Section 234B was unjustified, as there was no taxable income and thus no default in advance tax payment. The appeals were decided in favor of the assessee. en-us Fri, 29 Aug 2008 00:00:00 +0530 Sun, 10 Dec 2023 13:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63324 The Tribunal ruled that Section 44BBA of the Income Tax Act, being a machinery provision, cannot be applied to compute income when the assessee has incurred losses, as it cannot override the fundamental requirement of income for taxability. Consequently, no income was computable under Section 44BBA. Furthermore, the Tribunal found that the levy of interest under Section 234B was unjustified, as there was no taxable income and thus no default in advance tax payment. The appeals were decided in favor of the assessee. Case-Laws Income Tax Fri, 29 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63324