https://www.taxtmi.com/caselaws?id=262933 The High Court dismissed the appeal under Section 260A of the Income Tax Act, 1961 due to a delay of 320 days in re-filing, despite examining the appeal on its merits. The conversion of liabilities into equity share capital did not provide any benefit under Section 28(iv) or Section 41(1)(a) of the Act, as the nature of the liability remained unchanged. The Court rejected the argument for a set off of brought forward loss by share premium, as it was not raised in the proceedings. No substantial legal questions were found, affirming the ITAT's decision and resulting in the appeal's dismissal. en-us Tue, 28 Jul 2015 00:00:00 +0530 Fri, 21 Aug 2015 17:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262933 The High Court dismissed the appeal under Section 260A of the Income Tax Act, 1961 due to a delay of 320 days in re-filing, despite examining the appeal on its merits. The conversion of liabilities into equity share capital did not provide any benefit under Section 28(iv) or Section 41(1)(a) of the Act, as the nature of the liability remained unchanged. The Court rejected the argument for a set off of brought forward loss by share premium, as it was not raised in the proceedings. No substantial legal questions were found, affirming the ITAT's decision and resulting in the appeal's dismissal. Case-Laws Income Tax Tue, 28 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262933