Tribunal Rules in Favor of Insurer on Statutory Deductions and Transfer Pricing Adjustments Issues Depreciation & Profit on Sale of Fixed Assets: Whether statutory depreciation under Section 32 applies in place of book depreciation under Section 44 read with Rule 5, and if profit on sale of fixed assets must be reduced accordingly. Prior Period… Read More »
Temporary site-specific infrastructure expenditure for contract execution constitutes allowable revenue expenditure under Section 37(1). Issue Whether expenditure incurred on site-specific and temporary items like rollers, structures, scrap rails, conveyor belts, and ventilation ducting for executing a civil EPC contract is allowable as revenue expenditure under Section 37(1) or must be treated as capital expenditure providing… Read More »
Addition for House Property Fixed at Disclosed Value, FDR Addition Restricted to Investment Amount, and Telescoping Denied Issue Whether the Tribunal was justified in estimating house property value at ₹85 lakhs over the disclosed ₹70 lakhs, denying telescoping benefit for unaccounted cash, and taxing FDR maturity values instead of actual investment amounts during block assessment.… Read More »
Development Fee Allegations and Technical Violations Cannot Disqualify Registered Educational Trust from Section 11 Exemption Issue Whether a registered educational trust can be denied exemption under Sections 11 and 12 on allegations of collecting capitation fees, claiming pre-AY 2015-16 depreciation, or acquiring assets via loans prior to receiving compensation under Section 11(1A). Facts Charitable Activity… Read More »