Home Highlights April 2016 Year 2016 This

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1. Liabilities can be deducted on pro-rata basis under W.T. Act - AT

2. Depreciation on the Wind Mill on pro-rata basis – CIT(A) has rightly allowed the depreciation on the pro rata basis on the cost of foundation to the extent of the civil work - AT

3. Automatic Reduction/Enhancement upto 10% Duty saved amount and pro rata Reduction / Enhancement in export obligation

4. Allowability of the interest paid to the partner by the assessee firm calculating on the opening balance of the capital account of the partner without considering the...

5. Assessment u/s 153A - excess jewellery found in the residence of the assessee during the search - all the family members are income tax payee and are filing their...

6. Deduction u/s 80IB - provisions should be interpreted liberally - even if the units constructed are both smaller and larger units with reference to the stipulated area,...

7. Deduction of bad debt written off u/s. 36(i) (vii) - lease rental - the prospects of recovery of lease rentals were quite bleak and the assessee considering that the...

8. Depreciation on power plant at written down value method as against claimed by the appellant at straight line method - There is no bar under law that a captive...

9. Expenditure owing to distribution of gifts to members/staff - expenditure allowed - AT

10. Disallowance of bad debts u/s 36(1) - The non-realisation of debt can result in bad debt written off if the same is written off in the books. Since it is not the case...

11. Section 53(1) of the Insolvency and Bankruptcy Code (IBC) provides for the order of priority in the distribution of liquidation assets. Financial debts owed to unsecured...

12. Disallowance of pro-rata premium on Foreign Currency Convertible Bonds (FCCB) claimed as expenditure by assessee under Tonnage Tax Scheme. Law prohibits deduction of any...

13. Disallowance of bad debts written off - Admittedly, the provision was created by the assessee in the earlier year out of the profit and loss account. Thus, any...

14. Bad debts - Allowability towards service tax which was written off as bad debt u/s. 36(1)(vii) - Since service tax payment recovery is denied by the DIP, the assessee...

15. CENVAT Credit - plastic crates were being used for the safe transportation of the goods from the place of the manufacture to the place of consignee and the cost of...