https://www.taxtmi.com/caselaws?id=385380 The Tribunal held that the golf course qualifies as "plant" for depreciation, allowing a 25% rate. Reassessment proceedings were remanded for fresh consideration. Membership fees are taxable on an accrual basis, while security deposits are capital receipts. Bad debts were allowed as business losses. Additions for undisclosed income and long-term capital gains were deleted due to lack of evidence. Interest disallowance was overturned, confirming funds were used for business purposes. Penalties under Section 271(1)(c) were invalidated due to unspecified charges in the notice. The Tribunal emphasized evidence and legal principles in tax assessments and penalties. en-us Mon, 26 Aug 2019 00:00:00 +0530 Mon, 11 Nov 2024 15:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385380 The Tribunal held that the golf course qualifies as "plant" for depreciation, allowing a 25% rate. Reassessment proceedings were remanded for fresh consideration. Membership fees are taxable on an accrual basis, while security deposits are capital receipts. Bad debts were allowed as business losses. Additions for undisclosed income and long-term capital gains were deleted due to lack of evidence. Interest disallowance was overturned, confirming funds were used for business purposes. Penalties under Section 271(1)(c) were invalidated due to unspecified charges in the notice. The Tribunal emphasized evidence and legal principles in tax assessments and penalties. Case-Laws Income Tax Mon, 26 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385380