Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
ITAT held that vehicle-related expenses were not fully proved to...
Vehicle expense apportionment and agricultural income substantiation: ITAT allowed partial business deduction and deleted the reclassification addition.
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
ITAT held that vehicle-related expenses were not fully proved to be for exclusive business use, but the Revenue also failed to show that the assessee's car was entirely personal; on that basis, 60% of the car depreciation, loan interest and insurance was allowed and 40% disallowed. It also found that agricultural income was sufficiently supported by past receipts and ownership of agricultural land leased for cultivation, so the amount could not be taxed as income from other sources. The addition on account of agricultural income was deleted and the appeal was partly allowed.
ITAT held that vehicle-related expenses were not fully proved to be for exclusive business use, but the Revenue also failed to show that the assessee's car was entirely personal; on that basis, 60% of the car depreciation, loan interest and insurance was allowed and 40% disallowed. It also found that agricultural income was sufficiently supported by past receipts and ownership of agricultural land leased for cultivation, so the amount could not be taxed as income from other sources. The addition on account of agricultural income was deleted and the appeal was partly allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
