Monday, 17 September 2012

S. 147/151: Approval of the CIT instead of JCIT/Addl. CIT renders reopening void

If the approval of the JCIT/Addl. CIT to the reopening as required by s. 151 was obtained, it is for the department to produce the same. Whether the approval was granted or not is an objective fact which can be established only by producing the approval. Where a statute requires something to be done in a particular manner, it has to be done in that manner. Approval by another authority will not satisfy the requirement (Ghanshyam K. Khabrani & SPL’S Siddhartha followed).

 DSJ Communication Ltd vs. DCIT (Bombay High Court)

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Interest on Foreign Currency Loan & Corresponding Forex Loss for Strategic Share Acquisition Held Deductible as Revenue Expenditure

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