Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Pre-commencement receipts from broadband-project trial runs and scrap sales, when inextricably connected with installation of the capital asset, are treated as capital in nature. They are credited to capital work-in-progress and reduce construction cost rather than being taxed as income. For the infrastructure undertaking deduction, an eligible taxpayer may select an initial assessment year within the statutory claim period. The deduction then runs for the prescribed consecutive years from that chosen year, subject to statutory conditions, without setting off unabsorbed depreciation relating to years before the selected initial year.
Pre-commencement receipts from broadband-project trial runs and scrap sales, when inextricably connected with installation of the capital asset, are treated as capital in nature. They are credited to capital work-in-progress and reduce construction cost rather than being taxed as income. For the infrastructure undertaking deduction, an eligible taxpayer may select an initial assessment year within the statutory claim period. The deduction then runs for the prescribed consecutive years from that chosen year, subject to statutory conditions, without setting off unabsorbed depreciation relating to years before the selected initial year.
Note: It is a system-generated summary and is for quick reference only.
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