[accountants_forum] Waiver of interest , Depreciation & Review petition:Kolom Inspirasi

Dear All,

Find enclosed text on the latest case laws along with details.

http://www.indiantaxhome.com/2011/07/waiver-of-interest.html

The assessee was directed to make a representation to the CBDT under s 119(2) either for the waiver of interest or to condone the delay in filing the rectification application under s 154, since on account of a mistake, the interest income was offered to tax and the tax was also paid on it, as held by SCI in Housing And Urban Dev Corp Ltd v JCIT — In favour of: Others; Special Leave to Appeal (Civil) No(s) 12002/2011.

http://www.indiantaxhome.com/2011/07/depreciation_2117.html

Unabsorbed depreciation for and up to AY 1996–1997 could be carried forward and set-off against income chargeable under any head of income in any subsequent year, as held by HPHC in CIT v Kriti Resorts Pvt Ltd — In favour of: The assessee; ITA Nos 42, 46, 52, 53 and 57 of 2007.

http://www.indiantaxhome.com/2011/07/review-petition.html

It is impermissible in a review petition for an assessee to re-argue and re-agitate the issues/questions which have been already considered and decided by the High Court, as held by DelHC in Ravina Khurana v CIT — In favour of: The revenue; RP No 358/2011 in WP (C) No 340/2010.

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