Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Membership-consent thresholds for oppression petitions are satisfied by unchallenged voter-list consents, while unsupported forgery claims require pro...
Depreciation on assets disallowed by authorities due to invoices bearing names of associate company and incorrect dates. Assessee contended ownership transferred via inter-office memos, incorrect invoice dates rectified, assets in use with payments made during assessment year. Business transfer agreement for purchase of running business caused delay in record date of acquisition. No employee cost as operations commenced with directors and assistance from associates, with billing arrangement of cost plus 15% markup to associated enterprise. When revenue accepted based on depreciation plus markup, no reason to deny cost. Authorities erred in disallowing depreciation. Decided in favor of assessee.
Depreciation on assets disallowed by authorities due to invoices bearing names of associate company and incorrect dates. Assessee contended ownership transferred via inter-office memos, incorrect invoice dates rectified, assets in use with payments made during assessment year. Business transfer agreement for purchase of running business caused delay in record date of acquisition. No employee cost as operations commenced with directors and assistance from associates, with billing arrangement of cost plus 15% markup to associated enterprise. When revenue accepted based on depreciation plus markup, no reason to deny cost. Authorities erred in disallowing depreciation. Decided in favor of assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4886 
