Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
The Income Tax Appellate Tribunal (ITAT) adjudicated on two issues: disallowance of excess depreciation claimed on a building and disallowance of expenses. Regarding the first issue, the ITAT held that the legal fiction u/s 50C for computing capital gains cannot be extended to Section 32 for claiming depreciation on a block of assets. The actual sale consideration, not the notional value u/s 50C, should be reduced from the opening written down value (WDV) for computing depreciation. The disallowance made by the lower authorities was set aside. Concerning the second issue, the assessee agreed to produce necessary evidence supporting the expenses claimed. The matter was restored to the Assessing Officer to verify the documentary evidence and decide accordingly.
The Income Tax Appellate Tribunal (ITAT) adjudicated on two issues: disallowance of excess depreciation claimed on a building and disallowance of expenses. Regarding the first issue, the ITAT held that the legal fiction u/s 50C for computing capital gains cannot be extended to Section 32 for claiming depreciation on a block of assets. The actual sale consideration, not the notional value u/s 50C, should be reduced from the opening written down value (WDV) for computing depreciation. The disallowance made by the lower authorities was set aside. Concerning the second issue, the assessee agreed to produce necessary evidence supporting the expenses claimed. The matter was restored to the Assessing Officer to verify the documentary evidence and decide accordingly.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
