“Section 143(6)(b)”
The decision most relied on for Section 143(6)(b) is 535 (Del); 6. Tata Teleservices v. UOI (385 ITR 497), cited in 163 judgments on BharatTax.
Leading authorities on Section 143(6)(b)
Orders passed under section 201(1) are barred by limitation if the prescribed period of limitation under section 201(3) had expired before the amendment by the Finance Act, 2014 came into force. The amended section 201(3) does not apply retrospectively.
This case establishes the principles for calculating compensation in motor accident and personal injury claims, including the selection of the multiplier based on the deceased's age, assessment of loss of dependency, consideration of future prospects, and deductions for personal expenses.
An omission of a statutory provision is distinct from a repeal, and Section 6 of the General Clauses Act does not apply to omissions, meaning that pending proceedings are not saved by this section.
The weighted deduction for scientific research expenditure under Section 35(2AB) is allowable, clarifying that the requirement for the prescribed authority to approve or quantify the expenditure from year to year became effective only from April 1, 2016, through amendments to Rule 6(7A)(b).
A payment of bonus or commission is allowable as a business deduction under Section 36(1)(ii) unless it constitutes a distribution of profits or dividends, thereby distinguishing payments genuinely for services from those merely intended to escape taxation.
Section 80-IB of the Income Tax Act requires profits and gains to be derived from any business of an industrial undertaking, not necessarily a direct nexus between the industrial undertaking's activity and the profits.
Assessment orders passed by an Assessing Officer are liable to be set aside if they disregard binding instructions or circulars issued by the Central Board of Direct Taxes (CBDT), especially concerning the selection of returns for scrutiny. The CBDT circulars are binding on all officers of the Income-tax department.
A credit amount outstanding for several years cannot be treated as a remission or cessation of a trading liability under Section 41(1) merely because the assessee could not prove the genuineness of the transaction or because the liability is barred by limitation.
