It is in the said situation that the captioned writ petition has been filed by the petitioners seeking a direction to re-credit the amount of Rs.6,87,021/- to the accounts of the petitioners with interest from the date of debit till the date of actual credit.
ITAT Cuttack held that AO wrongly allowed the set off of brought forward loss and accordingly order of AO is erroneous and prejudicial to the interest of revenue. Accordingly, revisionary jurisdiction u/s. 263 of the Income Tax Act rightly invoked.
ITAT Delhi held that it is proved that assessee doesn’t have any permanent establishment in India, during the year under consideration, accordingly, receipts classifiable as business income cannot be taxed in India.
ITAT Surat held that addition on account of cash credit in current year untenable since loan is received back in subsequent year and the same is accepted by the department. Accordingly, addition deleted.
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