Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Disallowance of expenditure relating to investments yielding...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mine-closure deductions sustained.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Disallowance of expenditure relating to investments yielding exempt income was confined to expenditure attributable to those investments, and the Tribunal upheld CIT(A)'s deletion of the AO's broader Rule 8D disallowance. Recomputation of the written down value of the civil-work block for windmills was permitted where past assessments had restricted depreciation, and consequential additional depreciation was directed to be allowed under the depreciation provisions. Provision for mine closure computed in accordance with Ministry guidelines on a scientific basis was held deductible as business expenditure under general deductibility principles, and the CIT(A)'s allowance of that provision was sustained; revenue appeal dismissed.
Disallowance of expenditure relating to investments yielding exempt income was confined to expenditure attributable to those investments, and the Tribunal upheld CIT(A)'s deletion of the AO's broader Rule 8D disallowance. Recomputation of the written down value of the civil-work block for windmills was permitted where past assessments had restricted depreciation, and consequential additional depreciation was directed to be allowed under the depreciation provisions. Provision for mine closure computed in accordance with Ministry guidelines on a scientific basis was held deductible as business expenditure under general deductibility principles, and the CIT(A)'s allowance of that provision was sustained; revenue appeal dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4807
Join Channel
TaxTMI 
