Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
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...
The assessee trust claimed depreciation on assets, but the documents like balance sheet, income and expenditure account, and depreciation chart were not signed by auditors, chairman or accountant. The issue of depreciation claim requires verification of records to determine if assets were considered for application of income earned. Therefore, the matter was restored to the Assessing Officer to verify records, allow depreciation benefit u/s 11 after granting reasonable opportunity of hearing to the assessee. Regarding payment to a specified person, there is no provision to add advance given to income. Relying on a case, it was held that when money advanced for an agreement was returned with interest after cancellation, it cannot be treated as violation of Section 13(1)(c). Hence, this ground was allowed. Additions on account of interest-free advances given to various persons were confirmed. It was held that a mere book entry cannot be income unless income has actually resulted. The reduction in income was part of an agreement for a long-term managing agency arrangement, not a gift. Considering the facts and legal position, the additions were upheld.
The assessee trust claimed depreciation on assets, but the documents like balance sheet, income and expenditure account, and depreciation chart were not signed by auditors, chairman or accountant. The issue of depreciation claim requires verification of records to determine if assets were considered for application of income earned. Therefore, the matter was restored to the Assessing Officer to verify records, allow depreciation benefit u/s 11 after granting reasonable opportunity of hearing to the assessee. Regarding payment to a specified person, there is no provision to add advance given to income. Relying on a case, it was held that when money advanced for an agreement was returned with interest after cancellation, it cannot be treated as violation of Section 13(1)(c). Hence, this ground was allowed. Additions on account of interest-free advances given to various persons were confirmed. It was held that a mere book entry cannot be income unless income has actually resulted. The reduction in income was part of an agreement for a long-term managing agency arrangement, not a gift. Considering the facts and legal position, the additions were upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4894 
