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...
ITAT held that where a finance lease is in substance a financing arrangement, surrendered depreciation on lease assets renders principal recovery a return of capital and not taxable income; taxing principal while disallowing depreciation would be legally incongruous. As the AO accepted surrender of depreciation, the corresponding exclusion of principal recovery follows as a necessary corollary and must be allowed. The Tribunal affirmed that appellate authorities have plenary jurisdiction to determine correct taxable income on the record. Credibility of the assessee's treatment was bolstered by consistent prior conduct. The CIT(A)'s reduction of the addition to Rs. 8,45,72,646 is upheld and the Revenue's appeal is dismissed.
ITAT held that where a finance lease is in substance a financing arrangement, surrendered depreciation on lease assets renders principal recovery a return of capital and not taxable income; taxing principal while disallowing depreciation would be legally incongruous. As the AO accepted surrender of depreciation, the corresponding exclusion of principal recovery follows as a necessary corollary and must be allowed. The Tribunal affirmed that appellate authorities have plenary jurisdiction to determine correct taxable income on the record. Credibility of the assessee's treatment was bolstered by consistent prior conduct. The CIT(A)'s reduction of the addition to Rs. 8,45,72,646 is upheld and the Revenue's appeal is dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
