Non-Speculative Business Loss can be set off against speculative Business Income
Allahabad HC in case of Ashok Auto Sales Ltd v/s CIT held that Vector shipping is not correct preposition of law as held by Honb’le SC in case of M/s Palam Gas Service vs. CIT.
An order cannot be revised by the equally situated or equally ranked authority or by any authority who is not authorised under the law. In the instant case the authorised authority is none else but the Commissioner of Income Tax or Principal Commissioner of Income Tax.
Now it is well settled that as also need of common parlance that an animal feed supplement or cattle feed supplement or poultry feed supplement or balanced cattle feed or poultry feed is actually used as energy nutrients as well as nutrients rich with substance needs for strengthening the body and its development so that a person engaged in such farming may have good yield of cattles and poultry as the case may be.
Anything which can properly be described as income is taxable under the Act unless expressly exempted. Following the above principle, Court held that interest earned by Assessee is clearly its income and unless it can be shown that any provision like Section 10 has exempted it from tax, it will be taxable.
In the present case, the petitioner has not made any representation under Section 13 (13-A) of the SARFAESI Act, 2002 before the bank and has approached this Court by-passing statutory mechanism which has been disapproved by the Supreme Court in the case of Devi Ispat Limited and another Vs. State Bank of India and other (2014) 5 SCC 762.
It is held that as the provision of Section 69C of the Act is not mandatory in nature, the Assessing Authority has full discretion either to add or not to add the unexplained expenditure in the income of the assessee based upon sound judicial principles
Allahabad High Court on an application filed by CESTAT Bar Associationhas stayed the operation of the Notification dated 10-10-2017 providing for transfer of appeals from CESTAT Regional benches to the CESTAT bench at Delhi with the consent of the parties on the plea that such notification is without authority of law as the CESTAT cannot change the jurisdiction which is already carved out by the Union Cabinet and moreover, consent of parties does not confer jurisdiction.
It is an important aspect to be examined whether Recipient- Assessee has directly paid tax or has no liability of tax at all. Since this aspect was not examined by Assessing Authority, therefore, in our view, Tribunal has rightly remanded matter to Assessing Authority to examine this aspect.
Registration U/s. 12AA cannot be cancelled on the ground that trust has not yet commenced charitable or religious activity- CIT vs. Shreedhar Sewa Trust (Allahabad High Court)
