Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Page of 4811
Press 'Enter' after typing page number.
6121 to 6140 of 96208 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
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.