Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
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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