Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The ITAT upheld the deletion of addition under Section 56(2)(viib) relating to security premium, affirming that the assessee's reliance on the Discounted Cash Flow (DCF) valuation report by a Chartered Accountant is valid. The AO cannot substitute or question the fair market value determined using prescribed methods under the Act and Rules. Additionally, the ITAT confirmed the allowability of depreciation on a non-refundable deposit paid for acquiring intangible rights to operate and manage a hospital, recognizing it as a depreciable intangible asset. This aligns with precedent affirming that transferable intangible rights qualify for depreciation. The Revenue's appeal was dismissed in its entirety.
The ITAT upheld the deletion of addition under Section 56(2)(viib) relating to security premium, affirming that the assessee's reliance on the Discounted Cash Flow (DCF) valuation report by a Chartered Accountant is valid. The AO cannot substitute or question the fair market value determined using prescribed methods under the Act and Rules. Additionally, the ITAT confirmed the allowability of depreciation on a non-refundable deposit paid for acquiring intangible rights to operate and manage a hospital, recognizing it as a depreciable intangible asset. This aligns with precedent affirming that transferable intangible rights qualify for depreciation. The Revenue's appeal was dismissed in its entirety.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
