Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
Assessee, a company paying taxes at fixed rate, filed claim for prior period depreciation. ITAT held allowance of prior period depreciation claim was tax neutral exercise, not resulting in revenue loss. Assessee entitled to claim unabsorbed depreciation of preceding year as depreciation of succeeding year u/s 32(2). Revisionary jurisdiction u/s 263 unwarranted as assessment order not erroneous causing prejudice to revenue. However, ITAT confirmed PCIT's order regarding non-examination of TDS on rent expenses by AO u/s 40(a)(ia), holding assessment order erroneous on this count. Appeal partly allowed.
Assessee, a company paying taxes at fixed rate, filed claim for prior period depreciation. ITAT held allowance of prior period depreciation claim was tax neutral exercise, not resulting in revenue loss. Assessee entitled to claim unabsorbed depreciation of preceding year as depreciation of succeeding year u/s 32(2). Revisionary jurisdiction u/s 263 unwarranted as assessment order not erroneous causing prejudice to revenue. However, ITAT confirmed PCIT's order regarding non-examination of TDS on rent expenses by AO u/s 40(a)(ia), holding assessment order erroneous on this count. Appeal partly allowed.
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