Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Revision u/s 263 - claim of depreciation - no business activity - the assessee is not carrying on any business activity. Indeed the manufacturing activity of the assessee was closed down but the assessee changed its object clause which can be verified from the memorandum of association. As such the assessee got inserted new objects in the main object clause of memorandum of association by passing special resolution - It seems that the assessee was carrying on the business activities and therefore the depreciation claimed by the assessee on the cars cannot be disallowed on the ground that there was no business activity carried out by the assessee in the year under consideration. - AT
Revision u/s 263 - claim of depreciation - no business activity - the assessee is not carrying on any business activity. Indeed the manufacturing activity of the assessee was closed down but the assessee changed its object clause which can be verified from the memorandum of association. As such the assessee got inserted new objects in the main object clause of memorandum of association by passing special resolution - It seems that the assessee was carrying on the business activities and therefore the depreciation claimed by the assessee on the cars cannot be disallowed on the ground that there was no business activity carried out by the assessee in the year under consideration. - AT
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