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 ...
Offshore unit in Dubai treated as proprietary concern, profits taxable in assessee's hands. AO's addition disallowed based on ITAT's consistent rulings favoring assessee. Excess depreciation on furniture and fittings disallowed by AO, CIT(A) directed deletion following ITAT's earlier decisions favoring assessee. Depreciation on goodwill generated on amalgamation disallowed by AO, CIT(A) upheld without examining assessee's contentions. Assessee relied on Urmin Marketing case, where ITAT allowed depreciation on goodwill arising from amalgamation, as provisions cited by AO apply to transferred assets, not goodwill generated. ITAT allowed assessee's claim for depreciation on goodwill, following Supreme Court's Smifs Securities ruling, as goodwill was acquired under amalgamation scheme approved by High Court after tax department's no-objection.
Offshore unit in Dubai treated as proprietary concern, profits taxable in assessee's hands. AO's addition disallowed based on ITAT's consistent rulings favoring assessee. Excess depreciation on furniture and fittings disallowed by AO, CIT(A) directed deletion following ITAT's earlier decisions favoring assessee. Depreciation on goodwill generated on amalgamation disallowed by AO, CIT(A) upheld without examining assessee's contentions. Assessee relied on Urmin Marketing case, where ITAT allowed depreciation on goodwill arising from amalgamation, as provisions cited by AO apply to transferred assets, not goodwill generated. ITAT allowed assessee's claim for depreciation on goodwill, following Supreme Court's Smifs Securities ruling, as goodwill was acquired under amalgamation scheme approved by High Court after tax department's no-objection.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
