Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
ITAT upheld depreciation on solar power plants because documentary evidence showed purchase, installation, commissioning, power generation, invoicing and receipt of sale proceeds, and the Revenue failed to discredit that material. It also rejected the section 56(2)(viib) addition, holding that the assessee could adopt the DCF valuation method and that the Assessing Officer could not substitute NAV without identifying concrete defects in the independent valuation report. Brokerage on commodity derivatives was held outside section 194H, so the section 40(a)(ia) disallowance failed. The Tribunal also sustained the section 14A disallowance only up to exempt income, and quashed the section 153D-based assessment as void because the common approval was mechanical.
ITAT upheld depreciation on solar power plants because documentary evidence showed purchase, installation, commissioning, power generation, invoicing and receipt of sale proceeds, and the Revenue failed to discredit that material. It also rejected the section 56(2)(viib) addition, holding that the assessee could adopt the DCF valuation method and that the Assessing Officer could not substitute NAV without identifying concrete defects in the independent valuation report. Brokerage on commodity derivatives was held outside section 194H, so the section 40(a)(ia) disallowance failed. The Tribunal also sustained the section 14A disallowance only up to exempt income, and quashed the section 153D-based assessment as void because the common approval was mechanical.
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