Controversial issue: Income of minor to be taxed in hands of grandfather who is maintaining him after death of his parents
If AO after due diligence and enquiry has reached to a conclusion then the Principal CIT or CIT cannot exercise powers u/s 263
Whether exemption u/s 10A is to be computed before setoff of brought forward losses and unabsorbed depreciation – YES: HC
Business expenditure incurred during post production of film on account of advertisement expenses is allowable deduction if it satisfies the conditions of section 37