Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
Customs Assessment Portal centralises classification and valuation guidance to support consistent, transparent and informed compliance across stakehol...
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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.
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