Educational approval requires mandatory State registration, but incidental surplus and trustee-owned land do not prove private benefit or profit motiv...
Judicial review of settlement orders cannot reopen settled customs notices, while statutory interest remains subject to verification and quantificatio...
Customs Broker licence lending for consideration justified revocation where exporter authorisation and client verification obligations were also breac...
Fraudulent import documents suspend limitation protection, while redemption of confiscated goods requires duty and interest despite bona fide purchase...
ODR arbitration participation remains mandatory after failed conciliation, while jurisdictional and maintainability objections stay available before t...
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Deduction u/s 80IAB on the disallowance of depreciation on Water-use Rights (Intangibles Asset) - The Tribunal acknowledged the payment made by the assessee for water-use rights but concurred with the AO that such rights do not constitute a depreciable capital asset. The Tribunal upheld the AO's decision to disallow depreciation on water-use rights. - However, the Tribunal found merit in the appellant's claim. It observed that the disallowance of depreciation indeed enhanced the profit of the undertaking, making it eligible for deduction under Section 80IAB. The Tribunal cited a CBDT Circular supporting this interpretation. Consequently, it directed the AO to allow the deduction under Section 80IAB on the disallowed depreciation, providing consequential relief to the assessee.
Deduction u/s 80IAB on the disallowance of depreciation on Water-use Rights (Intangibles Asset) - The Tribunal acknowledged the payment made by the assessee for water-use rights but concurred with the AO that such rights do not constitute a depreciable capital asset. The Tribunal upheld the AO's decision to disallow depreciation on water-use rights. - However, the Tribunal found merit in the appellant's claim. It observed that the disallowance of depreciation indeed enhanced the profit of the undertaking, making it eligible for deduction under Section 80IAB. The Tribunal cited a CBDT Circular supporting this interpretation. Consequently, it directed the AO to allow the deduction under Section 80IAB on the disallowed depreciation, providing consequential relief to the assessee.
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