Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
Preventive suspension requires an immediate continuing threat and cannot become indefinite without inquiry, fresh evidence, or proportionate safeguard...
ITAT allowed the appeal for statistical purposes, remanding the case to the AO to verify whether the assessee claimed asset acquisition costs as "application of income" in current or prior years. The Tribunal held that depreciation disallowance under Section 11(6) is permissible only if asset acquisition costs were previously claimed as income application. Based on the assessee's Chartered Accountant certificate and record verification, the Tribunal directed the AO to conduct a comprehensive review and provide relief if no prior income application claim is found, ensuring procedural fairness and compliance with statutory provisions.
ITAT allowed the appeal for statistical purposes, remanding the case to the AO to verify whether the assessee claimed asset acquisition costs as "application of income" in current or prior years. The Tribunal held that depreciation disallowance under Section 11(6) is permissible only if asset acquisition costs were previously claimed as income application. Based on the assessee's Chartered Accountant certificate and record verification, the Tribunal directed the AO to conduct a comprehensive review and provide relief if no prior income application claim is found, ensuring procedural fairness and compliance with statutory provisions.
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