“Section 2(72)”
The decision most relied on for Section 2(72) is CIT v. Devi Prasad Vishwanath Prasad (72 ITR 194), cited in 272 judgments on BharatTax.
Leading authorities on Section 2(72)
If there is an unexplained cash credit, the Assessing Officer can treat it as the assessee's income, even when the income is finalized on an estimation basis, without proving its specific source. The onus then shifts to the assessee to prove that the income represented by the cash credit has already been taxed.
A provision made for Unclaimed Prior Revenue (UPR) is not an item to be added back to book profit under Explanation 1 to section 115JB(2) of the Income Tax Act, 1961.
Section 72 of the Income Tax Act, 1961, deals with the carry forward of business losses and does not encompass the carry forward of depreciation, which is provided for under Section 32(2).
When lending money is not the business of a company, loans or advances given to an assessee-shareholder are treated as deemed dividends under section 2(22)(e) of the Income-tax Act. The provisions of section 2(22)(e) apply to a company that has taken a loan from its subsidiary.
Income earned by a co-operative society on deposits made with banks is not considered attributable to its credit facilities business and therefore falls outside the scope of deduction under Section 80P.
An assessee is not legally required to file a return within the time prescribed under Section 139(1) to carry forward and set off unabsorbed depreciation.
Common corporate expenses should not be allocated when computing the profit of an SEZ unit, if the expenses were not incurred for that specific unit.
