Unabsorbed investment allowance - allowance u/s 32A (6) - AO had ...

Case Laws Income Tax

June 25, 2020

Unabsorbed investment allowance - allowance u/s 32A (6) - AO had to see whether the assessee had fulfilled the conditions of section 32A(6) but he laid emphasis on the provisions of section 72A of the Act, which is misplaced. - The appellant has elaborately shown that the conditions specified in section 32A(6) of the Act are fulfilled by it. Therefore, the claim of the appellant is fully justified.

View Source

← Previous Next →

Unabsorbed investment allowance - allowance u/s 32A (6) - AO had ...

Case Laws Income Tax

June 25, 2020

You may also like:

Carry forward of investment allowance - unabsorbed depreciation of Amalgamating Company - Section 72A - Claim allowed - HC

Unabsorbed depreciation - whether unabsorbed depreciation should be allowed before the allowance of the unabsorbed investment allowance - This scrambled egg cannot be...

Investment allowance u/s 32A - article or thing, viz., alcohol including rectified spirit and denatured spirit manufactured by the assessee - assessee cannot be denied...

100% EOU - Exemption u/s 10B - unabsorbed depreciation and unabsorbed investment allowance should be adjusted against the income of the export-oriented business...

Investment allowance u/s 32AC - claim disallowed as assessee do not fulfill the requisite condition - The ITAT sided with the assessee, affirming that the activities of...

CENVAT Credit - common inputs and input services - the various options under Rule 6 are options given to the assessee and the Revenue cannot choose one of the options...

Investment allowance - The Canteen cannot be said to be an `industrial undertaking' as it does not manufacture or produce any article or thing - disallowance u/s...

The ITAT held that the assessee failed to provide a satisfactory explanation regarding unexplained loan transactions/advances to a director. The AO made an addition to...

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

Determination of turnover for presumptive taxation u/s 44AD - The assessee contended that receipts cannot be treated as ancillary receipts as the assessee had already...

Correct head of income - transactions of dealing in shares - The Appellate Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision regarding two key issues....

Revision u/s 263 by CIT - Unabsorbed Depreciation or unabsorbed Business Loss - Even, assuming for a moment, the PCIT is right on his observation, but fact remains that...

Unexplained investment - The basis of addition made in the present case is the source of investment remaining unexplained. Now, the assessee having explained the source...

A leasing or finance company, which leased out machinery owned by it, to third parties, who used the machinery for manufacture of articles or things as specified in...

Unexplained money u/s 69A or investment u/s 69 - Once an AO finds that an investment has been made, he has to examine the Assessee's explanation as to the source of that...

Quick Updates: