Assessee, a company paying taxes at fixed rate, filed claim for ...

Depreciation claim for prior period allowed; TDS non-examination remanded by tribunal in tax assessment case.

October 3, 2024

Case Laws Income Tax AT

Assessee, a company paying taxes at fixed rate, filed claim for prior period depreciation. ITAT held allowance of prior period depreciation claim was tax neutral exercise, not resulting in revenue loss. Assessee entitled to claim unabsorbed depreciation of preceding year as depreciation of succeeding year u/s 32(2). Revisionary jurisdiction u/s 263 unwarranted as assessment order not erroneous causing prejudice to revenue. However, ITAT confirmed PCIT's order regarding non-examination of TDS on rent expenses by AO u/s 40(a)(ia), holding assessment order erroneous on this count. Appeal partly allowed.

View Source

← Previous Next →

Assessee, a company paying taxes at fixed rate, filed claim for ...

Depreciation claim for prior period allowed; TDS non-examination remanded by tribunal in tax assessment case.

October 3, 2024

Case Laws Income Tax AT

You may also like:

The assessee, after being amalgamated with another company, treated the excess consideration paid over the net assets acquired as goodwill and claimed depreciation at...

Disallowance of prior period expenses pertaining to expenditure crystallized or details received after completion of earlier years' audits. Genuineness not doubted,...

Prior period expenses adjustment against the prior period income - once the prior period income is held to be taxable, the prior period expenditure also should be...

Prior period expenditure - when prior period income is taxed prior period expenditure cannot be disallowed - AT

Disallowance of interest and financial expenses was not justified as the appellant paid interest and financial expenses to State Bank of India, Overseas Branch,...

Claim of higher depreciation of ‘Bizerba weighing scales’ - A photocopy (xerox) machine can also be attached to a computer, however, that does not entitle it for...

The Appellate Tribunal addressed various issues in the case. It directed the AO to delete the disallowance of consequential depreciation on unverified expenses and remit...

Initiation of CIRP - There being categorical default by the Respondent prior to Section 10A period, the Corporate Debtor was clearly not entitled to claim the benefit of...

The Appellate Tribunal addressed the disallowance of depreciation claimed on software purchases u/s 40(a)(i)/(ia) due to non-deduction of tax at source. The AO contended...

ITAT allowed partial relief to appellant, a railway guard, regarding TDS credit denial. While non-response to notices due to frequent travel was deemed an inadequate...

Credit of TDS can be granted only when income corresponding to such TDS is assessed to tax in the same financial year. Assessee has the liberty to approach the Assessing...

The Tribunal allowed the assessee's claim for depreciation on goodwill arising from amalgamation u/s 32(1)(ii), following the Supreme Court's decision in Smifs...

The Appellate Tribunal considered an ex-parte assessment u/s 144 and an application for additional evidence. The Tribunal held that since the assessment was completed...

Non-granting of deduction in respect of depreciation u/s.32 - correction in the ITR - the CIT(A)’s claim that the assessee the assessee has filed a revised return...

Assessee had claimed depreciation on carats @ 100%, however, AO allowed @ 50% - Depreciation on carats as claimed by the assessee is allowed - AT

Quick Updates: