Windmill commissioning evidence supported higher depreciation where grid connection and electricity generation proved operational use before the relev...
Pharmaceutical promotion and transfer-pricing comparability principles limited disallowances, while uncorroborated search allegations and unsupported ...
Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
Gain on sale of land - Nature of land - agricultural land or capital asset or business receipts - Simply showing the land in the balance sheet as an investment is not sufficient. The activities carried by the assessee i.e., buying and selling of the properties are considered in this case and we are of the opinion that the intention of the assessee is not to carry out agricultural operations only but to earn the profit. Therefore, the A.O has rightly taxed the income arising out of the sale of the lands as income from business. - AT
Gain on sale of land - Nature of land - agricultural land or capital asset or business receipts - Simply showing the land in the balance sheet as an investment is not sufficient. The activities carried by the assessee i.e., buying and selling of the properties are considered in this case and we are of the opinion that the intention of the assessee is not to carry out agricultural operations only but to earn the profit. Therefore, the A.O has rightly taxed the income arising out of the sale of the lands as income from business. - AT
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