https://www.taxtmi.com/caselaws?id=428657 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) allowing the deduction of Customs Duty paid for a yacht as a business expense, confirming it was incurred for business purposes and crystallized in the relevant assessment year. Additionally, the Tribunal affirmed that the profit on the sale of a helicopter should be taxed at the Long Term Capital Gain rate of 20%, despite the computation falling under Section 50 for depreciable assets. The appeal by the Revenue was dismissed, and the orders of the CIT(A) were upheld in both matters. en-us Tue, 19 Jul 2022 00:00:00 +0530 Fri, 07 Oct 2022 00:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428657 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) allowing the deduction of Customs Duty paid for a yacht as a business expense, confirming it was incurred for business purposes and crystallized in the relevant assessment year. Additionally, the Tribunal affirmed that the profit on the sale of a helicopter should be taxed at the Long Term Capital Gain rate of 20%, despite the computation falling under Section 50 for depreciable assets. The appeal by the Revenue was dismissed, and the orders of the CIT(A) were upheld in both matters. Case-Laws Income Tax Tue, 19 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428657