Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
The assessee filed a return manually admitting income u/s 44AE from running lorries and agricultural income. The Tribunal held that when income is offered on a presumptive basis u/s 44AE, depreciation is deemed granted, whether claimed or not, so it cannot be disallowed. As the assessee admitted presumptive income u/s 44AE from lorries, maintaining books of accounts is not required, and this income must be accepted. No adverse findings were made regarding agricultural income of Rs. 2.07 lacs, which must be accepted. The claim of past savings of Rs. 5.50 lacs cannot be rejected merely due to availing a loan and must be accepted. Considering the facts, the Tribunal directed the AO to accept business income of Rs. 1.80 lacs, agricultural income of Rs. 2.07 lacs, and restrict the addition for unexplained assets to Rs. 2 lacs.
The assessee filed a return manually admitting income u/s 44AE from running lorries and agricultural income. The Tribunal held that when income is offered on a presumptive basis u/s 44AE, depreciation is deemed granted, whether claimed or not, so it cannot be disallowed. As the assessee admitted presumptive income u/s 44AE from lorries, maintaining books of accounts is not required, and this income must be accepted. No adverse findings were made regarding agricultural income of Rs. 2.07 lacs, which must be accepted. The claim of past savings of Rs. 5.50 lacs cannot be rejected merely due to availing a loan and must be accepted. Considering the facts, the Tribunal directed the AO to accept business income of Rs. 1.80 lacs, agricultural income of Rs. 2.07 lacs, and restrict the addition for unexplained assets to Rs. 2 lacs.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
