Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
Personal hearing requirements in GST adjudication were satisfied by prior opportunities and written submissions; appellate limitation received writ-pe...
Payment to a tenant for taking over a building on lease cancellation was supported by the agreement, bank records, ledger entries and TDS documents, so ITAT accepted it as part of the building block of assets. The Tribunal held that the Assessing Officer could not recast the brought-forward written-down value by relying on assumptions from earlier years, especially when the block had been consistently carried forward in the books and returns and no contrary material was produced. It also noted that the earlier revaluation related to land, not the factory building. The restriction of the short-term capital loss was therefore unsustainable, and the loss claimed was allowed.
Payment to a tenant for taking over a building on lease cancellation was supported by the agreement, bank records, ledger entries and TDS documents, so ITAT accepted it as part of the building block of assets. The Tribunal held that the Assessing Officer could not recast the brought-forward written-down value by relying on assumptions from earlier years, especially when the block had been consistently carried forward in the books and returns and no contrary material was produced. It also noted that the earlier revaluation related to land, not the factory building. The restriction of the short-term capital loss was therefore unsustainable, and the loss claimed was allowed.
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