Windmill commissioning evidence supported higher depreciation where grid connection and electricity generation proved operational use before the relev...
Pharmaceutical promotion and transfer-pricing comparability principles limited disallowances, while uncorroborated search allegations and unsupported ...
Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
Interest on fixed deposits subject to prohibitory orders and pending criminal proceedings was held not taxable on accrual because, under the real income principle and the governing circular, income arises only when receipt is sufficiently certain. The fact that the assessee had earlier offered the interest on accrual basis, or that TDS may have been deducted, did not make the uncredited interest taxable while entitlement to the deposits remained uncertain. The court added that if the assessee is ultimately held entitled to the deposits, appropriate additions may then be made. The Tribunal's deletion of the accrued-interest addition was upheld.
Interest on fixed deposits subject to prohibitory orders and pending criminal proceedings was held not taxable on accrual because, under the real income principle and the governing circular, income arises only when receipt is sufficiently certain. The fact that the assessee had earlier offered the interest on accrual basis, or that TDS may have been deducted, did not make the uncredited interest taxable while entitlement to the deposits remained uncertain. The court added that if the assessee is ultimately held entitled to the deposits, appropriate additions may then be made. The Tribunal's deletion of the accrued-interest addition was upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
