Assessing Officer's exclusion of sum pertaining to investments ...

Offshore investments rightly excluded from depreciation; Revenue's revisionary powers wrongly invoked.

November 30, 2024

Case Laws Income Tax SC

Assessing Officer's exclusion of sum pertaining to investments outside India from depreciation on investment provision was upheld. High Court correctly held that Commissioner of Income Tax erred in invoking revisionary jurisdiction u/s 263 against Assessing Officer's order, as it was not prejudicial to revenue's interest. Supreme Court dismissed Special Leave Petition, upholding High Court's order setting aside Commissioner's revisionary order.

View Source

← Previous Next →

Assessing Officer's exclusion of sum pertaining to investments ...

Offshore investments rightly excluded from depreciation; Revenue's revisionary powers wrongly invoked.

November 30, 2024

Case Laws Income Tax SC

You may also like:

Revision u/s 263 - Revision based on Audit Objection - a mechanical exercise of revisionary powers u/s 263 by the Revisionary Authority by merely citing the Audit...

Depreciation disallowance on the power plant in respect of newly installed building, plant and machinery comprising of a captive thermal power plant which was not put to...

The Principal Commissioner or Commissioner having jurisdiction over transfer pricing matters has been empowered, effective April 1, 2022, to invoke revisionary action...

CIT(A) allowed assessee to withdraw appeal against section 263 revision order, stating Tribunal quashed section 263 order and CIT(A) erred in not deciding appeal merits....

Depreciation on securities - if the assessee has consistently treating the value of investment for more than two decades as investment as stock-in-trade and claim...

Policy on foreign investment in Power Exchanges - FDI GUIDELINES

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

The High Court upheld the Tribunal's decision allowing deduction u/s 80P(2)(d) of the Income Tax Act to the assessee, a cooperative society, on the interest income...

Revision u/s 263 - The tribunal held that, when the ld. PCIT himself was satisfied that there was no error in the order of the Assessing Officer vis-à-vis irregularities...

Delhi Tribunal grants additional depreciation on assets purchased for power generation - Article

Disallowance of higher reduction of depreciation on the cost of civil engineering works for laying foundation of solar power panels - the expenditure which is incurred...

The Commissioner's invocation of Section 263 for revision of the assessment order was unjustified as the twin conditions of the order being erroneous and prejudicial to...

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...

The key points covered in the summary are: Disallowance of deduction u/s 36(1)(vii) for debts written off, as the assessee did not create a provision in the books, which...

This notification amends the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, introducing key changes. It defines "control" for limited liability...

Quick Updates: