Adjournment can be granted in the absence of ‘Vakalatnama’ based on Principle of Natural Justice. Therefore, all the Misc. Applications of the assessee are allowed.
Since clause (i) section 92A was omitted with effect from 1st April, 2017 and the effect of such omission is that the said clause(i) was never existed in the statute. Hence, Ld. PCIT can not exercise the jurisdiction u/s 263 of the Act.
Assessee was entitled to claim deduction under section 80-IE from Financial year 2008-09 and onwards due to modernization of its plant & machinery by infusing additional capital investment by more than 25 % of initial investment in plant & machinery as envisaged in clause (iii) of sub-section 7 of section 80-IE.
The issue under consideration is whether prior period items were to be included in the determination of the net profit or loss under Mercantile system of accounting
Assessee had developed shopping mall on a property owned by it and by providing host of services/facilities amenities in the said mall and as such, basic intention of assessee was commercial exploitation of its property by developing it as shopping malls, therefore, income earned by assessee from letting out various shops/stalls in shopping malls constructed by it had to be treated as business income and not as income from house property.
