2018 (7) TMI 2162 - SC - Income Tax

Allowance of business expenditure u/s. 37 incurred on foreign tour of wife of the Director of the Company, 100% deduction u/s.80IA specifically when the assessee company itself and claimed deduction @ 30% u/s. 80IA Computation of Minimum Alternate Taxation (MAT) u/s 115JA, Cancelling the rectification order under Section 154 and deleting the interest levied u/s.234C by ITA Validity of revised return - justification of holding that the revised return u/s 139(5) was a valid return Addition account of downward impact of Retention Price Subsidy, Addition in respect of fees paid to a consultant for drafting the shareholders agreement Addition made on account of purchase of software being capital in nature Depreciation on catalyst not allowable under Section 32 - Accrual of income MAT computation - AO jurisdiction Allowable business expenditure Addition u/s 40A - HELD THAT - Delay condoned. Issue notice.

Summary

The Supreme Court of India in 2018 (7) TMI 2162, with judges Abhay Manohar Sapre and Uday Umesh Lalit, condoned delay and issued notice in the case tagged with S.L.P. (C) No.10461/2018 and other connected matters. Appellant represented by Mr. Vikramjeet Bannerji, Mr. S.A. Haseeb, Mr. Rajesh Kr. Singh, Mr. Ayush Anand, Mr. M.P. Gupta, Mrs. Anil Katiyar.