Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
Assessee entitled to claim depreciation on leased assets despite revenue's contention that transactions were mere financial transactions lacking ownership and usage for business purpose. Supreme Court's decision in I.C.D.S. case applicable, rejecting revenue's argument based on lease agreement clauses. Mere academic ownership shown to claim depreciation cannot disentitle depreciation u/s 32. Regarding interest u/s 220(2), ITAT rightly held it chargeable only up to original assessment order u/s 143(3) or 144, not up to order u/s 143(3) read with Section 254. Depreciation on leased assets allowed, consequently no further interest payable after assessment order.
Assessee entitled to claim depreciation on leased assets despite revenue's contention that transactions were mere financial transactions lacking ownership and usage for business purpose. Supreme Court's decision in I.C.D.S. case applicable, rejecting revenue's argument based on lease agreement clauses. Mere academic ownership shown to claim depreciation cannot disentitle depreciation u/s 32. Regarding interest u/s 220(2), ITAT rightly held it chargeable only up to original assessment order u/s 143(3) or 144, not up to order u/s 143(3) read with Section 254. Depreciation on leased assets allowed, consequently no further interest payable after assessment order.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
