https://www.taxtmi.com/caselaws?id=34256 Fresh factual claims for salary deductions and depreciation cannot ordinarily be raised for the first time before the Tribunal when professional income was returned and assessed on estimation without books of account, because the necessary factual foundation was absent. Indira Vikas Patras were treated as instruments with yearly accrual of interest, so the interest was taxable on annual accrual rather than only on maturity, and the maturity payment did not amount to transfer of a capital asset. Interest for default in advance tax under section 234B was held mandatory once liability arose, and the absence of an express recital in the assessment order did not defeat the levy where it was computed in the order. en-us Fri, 03 Apr 2009 00:00:00 +0530 Sat, 01 Aug 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34256 Fresh factual claims for salary deductions and depreciation cannot ordinarily be raised for the first time before the Tribunal when professional income was returned and assessed on estimation without books of account, because the necessary factual foundation was absent. Indira Vikas Patras were treated as instruments with yearly accrual of interest, so the interest was taxable on annual accrual rather than only on maturity, and the maturity payment did not amount to transfer of a capital asset. Interest for default in advance tax under section 234B was held mandatory once liability arose, and the absence of an express recital in the assessment order did not defeat the levy where it was computed in the order. Case-Laws Income Tax Fri, 03 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34256