Composite inpatient healthcare supply may retain exemption despite MRP medicine billing, while separate taxable sale characterisation remains disputed...
Working-capital adjustment determines whether software-services transfer-pricing margins fall within the statutory tolerance range, eliminating any ad...
Permanent establishment deductions upheld for expatriate salaries, direct costs and trading losses, while head-office costs require fresh classificati...
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.