Search and seizure: abatement of earlier search bars use of prior seized material in later search-based assessments; relief limited to new documents f...
Admission of additional evidence under remand rules must await a meaningful remand report; failure to do so breaches natural justice and mandates rema...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
