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ANITA SUMANTH, G. ARUL MURUGAN
Commissioner of Income Tax-I, Chennai – Appellant
Versus
Tamil Nadu Newsprint and Papers Ltd. – Respondent
JUDGMENT :
(Delivered by Dr. ANITA SUMANTH, J.)
Prayer: Appeal under Section 260A of Income Tax Act, 1961 as against the order dated 30.06.2011 passed in ITA No. 554/Mds/2011 by the Income Tax Appellate Tribunal, Madras 'A' Bench.
The following three substantial questions of law arise for decision in this case:
2. Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in holding that the unabsorbed depreciation and carried forward losses of the earlier years which had already been set off against the other income, could not be notionally carried forward and taken into consideration for the purpose of computation of deduction u/s. 80IA, in spite of the clear provisions of section 80IA stipulating that the said undertaking should be considered as only the source of income of the assessee for the purpose of determini
The court affirmed that no tax deduction is required for export commission paid to non-resident agents when services are rendered abroad, as per Circular No. 786 and relevant Supreme Court rulings.
The court affirmed that replacement costs can be deducted as revenue expenditures and clarified taxability based on technical service provisions within tax treaties.
Re-assessment proceedings under the Income Tax Act cannot be initiated based on a mere change of opinion; they require fresh material or evidence of a mistake in the original assessment.
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