Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
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Allowance of depreciation on cars given on hire, treatment of interest paid on loans for purchase of plot as part of cost of acquisition for computing capital gains, recalculation of income from house property, and allowance of long-term capital loss on sale of land. The Income Tax Appellate Tribunal (ITAT) provided directions to the Assessing Officer regarding the appropriate treatment of these issues, such as allowing higher depreciation rate on hired cars, including interest as part of cost of acquisition, deleting additions made for rental income under house property, and allowing the claimed long-term capital loss on sale of land. The summary outlines the ITAT's rulings on these matters, providing clarity on the correct application of tax provisions.
Allowance of depreciation on cars given on hire, treatment of interest paid on loans for purchase of plot as part of cost of acquisition for computing capital gains, recalculation of income from house property, and allowance of long-term capital loss on sale of land. The Income Tax Appellate Tribunal (ITAT) provided directions to the Assessing Officer regarding the appropriate treatment of these issues, such as allowing higher depreciation rate on hired cars, including interest as part of cost of acquisition, deleting additions made for rental income under house property, and allowing the claimed long-term capital loss on sale of land. The summary outlines the ITAT's rulings on these matters, providing clarity on the correct application of tax provisions.
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