Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The ITAT held that unabsorbed depreciation under section 32(2) qualifies as current year's depreciation and is eligible for set-off against income under any head, including "Income from other sources," irrespective of whether business activity was carried out during the relevant previous year. The tribunal found that the requirement of carrying on business during the year is not a condition precedent for invoking section 32(2). Consequently, the CIT(A)'s confirmation of disallowance based solely on the absence of business activity was contrary to statutory provisions and judicial precedents. The ITAT set aside the CIT(A)'s order and directed the AO to allow the set-off of brought forward unabsorbed depreciation for AY 2015-16 against the total income assessed. The assessee's appeal was allowed accordingly.
The ITAT held that unabsorbed depreciation under section 32(2) qualifies as current year's depreciation and is eligible for set-off against income under any head, including "Income from other sources," irrespective of whether business activity was carried out during the relevant previous year. The tribunal found that the requirement of carrying on business during the year is not a condition precedent for invoking section 32(2). Consequently, the CIT(A)'s confirmation of disallowance based solely on the absence of business activity was contrary to statutory provisions and judicial precedents. The ITAT set aside the CIT(A)'s order and directed the AO to allow the set-off of brought forward unabsorbed depreciation for AY 2015-16 against the total income assessed. The assessee's appeal was allowed accordingly.
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