https://www.taxtmi.com/caselaws?id=295421 Depreciation on residential properties was allowed under the block of assets concept, but verification was required to ensure no duplicate benefit under section 24(a). Premium on leasehold land was held capital in nature and not deductible, while toll road depreciation, related notional interest, 14A read with rule 8D disallowance, trust-income double addition, and AIR mismatch additions were restored for verification or fresh computation. Interest disallowance on loans to the employees' trust was upheld for lack of business nexus. Software development expenditure, club expenses, deduction under section 36(1)(viii), and 60% depreciation on computer software and peripherals were allowed. en-us Mon, 30 Dec 2019 00:00:00 +0530 Mon, 11 Nov 2024 17:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295421 Depreciation on residential properties was allowed under the block of assets concept, but verification was required to ensure no duplicate benefit under section 24(a). Premium on leasehold land was held capital in nature and not deductible, while toll road depreciation, related notional interest, 14A read with rule 8D disallowance, trust-income double addition, and AIR mismatch additions were restored for verification or fresh computation. Interest disallowance on loans to the employees' trust was upheld for lack of business nexus. Software development expenditure, club expenses, deduction under section 36(1)(viii), and 60% depreciation on computer software and peripherals were allowed. Case-Laws Income Tax Mon, 30 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295421