Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
In revision under s. 263, PCIT contended the assessment was erroneous for allowing depreciation on opening WDV without first setting off brought-forward additional depreciation from the preceding year. ITAT reversed, holding there is no statutory requirement to reduce opening WDV by carried-forward additional depreciation before computing current-year depreciation; depreciation is to be computed by applying the prescribed rate to the asset's opening WDV. Consequently, the PCIT's conclusion of error in the AO's assessment was erroneous. The assessment stands as passed, the s. 263 revision direction quashed, and the assessee's appeal is allowed.
In revision under s. 263, PCIT contended the assessment was erroneous for allowing depreciation on opening WDV without first setting off brought-forward additional depreciation from the preceding year. ITAT reversed, holding there is no statutory requirement to reduce opening WDV by carried-forward additional depreciation before computing current-year depreciation; depreciation is to be computed by applying the prescribed rate to the asset's opening WDV. Consequently, the PCIT's conclusion of error in the AO's assessment was erroneous. The assessment stands as passed, the s. 263 revision direction quashed, and the assessee's appeal is allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
