Addition made on account of valuation of cars - AO adopted the ...

Assessing Officer Uses 80% of Insurance Value to Calculate Taxpayer's Motor Car Net Wealth Valuation.

April 29, 2015

Case Laws Wealth-tax AT

Addition made on account of valuation of cars - AO adopted the insurance value as the value of the motor cars for the purpose of computing the net wealth of the assessee - AO directed to estimate 80 per cent. of the insurance value - AT

View Source

← Previous Next →

Addition made on account of valuation of cars - AO adopted the ...

Assessing Officer Uses 80% of Insurance Value to Calculate Taxpayer's Motor Car Net Wealth Valuation.

April 29, 2015

Case Laws Wealth-tax AT

You may also like:

Excess premium charged on issue of shares u/s.56(2)(viib) - The value adopted by the Assessing Officer under net asset value method even though a prescribed method does...

Disallowance of depreciation on motor car and disallowance on motor car maintenance - even though the personal use of Chevrolet Beat car by the assessee cannot be ruled...

Allowability of depreciation and expenses on motor car maintenance, car insurance and interest paid on car loan - cars were registered in the name of the directors - AO...

Reopening of assessment u/s 147 - Assessing Officer to usurp the jurisdiction to reopen the assessment - The first Assessing Officer has made the reassessment after...

The case pertains to the valuation and classification of imported motor controllers. The key points are: The assessing officer rejected the declared transaction value...

Classification of imported goods - Turbochargers which are suitable for use only in Off-highway equipment i.e., for generators, earth moving equipment etc. - The AAR...

The ITAT considered a case where the PCIT initiated revision u/s 263 regarding capital loss claimed on the sale of a car. The question was whether a motor car used for...

Entitlement to Input Tax Credit (ITC) - Inward supply of Car / Demo cars - Car used for demonstration purpose to the potential customer interested in buying Mercedes...

The High Court held that u/r 11UA(2) of the Income Tax Rules, 1962, the assessee has the option to choose between the Net Asset Value method or the Discounted Cash Flow...

Inward supply of motor vehicles used for demonstration purposes in the course of business of supplying motor vehicles cannot be availed as input tax credit on capital...

The DGFT amended import policy conditions for vintage cars under Chapter 87 of ITC (HS) 2022, Schedule-I. The revised policy aligns vintage vehicle classification with...

Denial of exemption u/ss 11 and 12 due to car purchase in trustee's name using funds meant for charitable purposes. Assessee's argument of registering car in managing...

The ruling addressed the eligibility of Input Tax Credit (ITC) for cars used for demonstration purposes. It was held that demo cars can be eligible for ITC if certain...

Taxability of a Car Stereo System - "electronic goods" falling under Entry 75 or "motor vehicle falling under Entry 18 - It cannot be gainsaid that a car stereo does add...

Levy of service tax - management, maintenance or repair services - Electric motor winding job - The Revenue does not dispute that it is a composite contract. However,...

Quick Updates: