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...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
The ITAT Chennai addressed several issues. Firstly, regarding TDS u/s 195/192, it held that payments made to overseas group entities for relocation expenses of secondment employees were not subject to TDS as they were reimbursement of internal business costs, not taxable income. The matter was remitted to the AO for verification. Secondly, non-credit of DDT paid u/s 115O was remitted for verification of the amount paid. Thirdly, DDT liability u/s 115-O for dividends paid to a UK entity was to be decided by lower authorities. Lastly, lease rental payments were allowed as deductible expenses, with depreciation on assets taken on finance lease being part of the disallowance under section 32. The confusion created by the AO was clarified, and the Revenue's appeal on this issue was dismissed.
The ITAT Chennai addressed several issues. Firstly, regarding TDS u/s 195/192, it held that payments made to overseas group entities for relocation expenses of secondment employees were not subject to TDS as they were reimbursement of internal business costs, not taxable income. The matter was remitted to the AO for verification. Secondly, non-credit of DDT paid u/s 115O was remitted for verification of the amount paid. Thirdly, DDT liability u/s 115-O for dividends paid to a UK entity was to be decided by lower authorities. Lastly, lease rental payments were allowed as deductible expenses, with depreciation on assets taken on finance lease being part of the disallowance under section 32. The confusion created by the AO was clarified, and the Revenue's appeal on this issue was dismissed.
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