Windmill commissioning evidence supported higher depreciation where grid connection and electricity generation proved operational use before the relev...
Pharmaceutical promotion and transfer-pricing comparability principles limited disallowances, while uncorroborated search allegations and unsupported ...
Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
Capital gains on a slump sale under section 50B were recomputed to allow reduction of capital work-in-progress that had been inadvertently omitted from the original working. The Tribunal noted that the assessee had already offered the slump sale gain in the original return, explained the omission during assessment, and showed the asset consistently in earlier balance sheets. As the Assessing Officer rejected the claim only because it was not made through a revised return, without disputing its factual correctness or adducing contrary material, the correction could not be denied on that procedural ground. The appellate order allowing the recomputation was upheld.
Capital gains on a slump sale under section 50B were recomputed to allow reduction of capital work-in-progress that had been inadvertently omitted from the original working. The Tribunal noted that the assessee had already offered the slump sale gain in the original return, explained the omission during assessment, and showed the asset consistently in earlier balance sheets. As the Assessing Officer rejected the claim only because it was not made through a revised return, without disputing its factual correctness or adducing contrary material, the correction could not be denied on that procedural ground. The appellate order allowing the recomputation was upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4830 
Join Channel 
