Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
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Tax was deductible at source on annual lease rent paid to development authorities, and the exemption under section 10(20A) did not apply. Interest for delayed deduction was confined to the period from when tax became deductible until the deductee filed its return. Interest expenditure capitalised as work-in-progress and not charged to the profit and loss account could not be disallowed for delayed tax deduction, because disallowance applies only to expenditure claimed in the profit and loss account. Accordingly, the disallowance of capitalised interest was deleted, while the tax-deduction liability on annual lease rent remained.
Tax was deductible at source on annual lease rent paid to development authorities, and the exemption under section 10(20A) did not apply. Interest for delayed deduction was confined to the period from when tax became deductible until the deductee filed its return. Interest expenditure capitalised as work-in-progress and not charged to the profit and loss account could not be disallowed for delayed tax deduction, because disallowance applies only to expenditure claimed in the profit and loss account. Accordingly, the disallowance of capitalised interest was deleted, while the tax-deduction liability on annual lease rent remained.
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