Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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 ...
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.
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