Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
ITAT adjudicated a tax dispute regarding depreciation claim on intangible assets. The tribunal held that the assessee's depreciation claim on intangible assets under development was legally sustainable. The court emphasized that not every revenue loss constitutes prejudice to revenue interests. Citing SC precedents, the tribunal confirmed that when an AO adopts a permissible approach and takes a reasonable view, the assessment cannot be considered erroneous. The tribunal quashed the CIT's order under Section 263, ruling that the depreciation claim on goodwill was allowable and did not cause revenue prejudice. Consequently, the assessee's appeal grounds were fully allowed, maintaining the original depreciation claim.
ITAT adjudicated a tax dispute regarding depreciation claim on intangible assets. The tribunal held that the assessee's depreciation claim on intangible assets under development was legally sustainable. The court emphasized that not every revenue loss constitutes prejudice to revenue interests. Citing SC precedents, the tribunal confirmed that when an AO adopts a permissible approach and takes a reasonable view, the assessment cannot be considered erroneous. The tribunal quashed the CIT's order under Section 263, ruling that the depreciation claim on goodwill was allowable and did not cause revenue prejudice. Consequently, the assessee's appeal grounds were fully allowed, maintaining the original depreciation claim.
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