Additional depreciation on revenue expenditure on installation of plant and machinery allowable. ITAT directs AO to delete the addition ABCAUS…
Approval u/s 153D not empty formality and not valid in the eyes of law if granted without application of mind…
Guarantee does not amount to an international transaction under section 92B of the Income Tax Act. ITAT ABCAUS Case Law…
Cash loan from wife due to business expediency. Penalty u/s 271D deleted as the business was carried on in the…
Concealment penalty deleted for excess salary appearing in Form 26AS on revision by employer. ITAT accepted assessee's explanation as bonafide…
Depreciation rate on printers under Income Tax. Computer peripherals like printers part of computer system & entitled for depreciation at…
Penalty u/s 271(1)(c) on disallowance of notional interest on debit balances in capital account of some of the partners deleted…
No penalty can be imposed u/s 271(1)(c) on preponderance of probabilities and Revenue has to prove that claim of expenses…
Even in best judgment assessment, AO is required to look into surrounding circumstances, nature of expenditure claimed by other assessees…
Penalty 271(1)(c) deleted as employee was misguided by employer cooperative bank that interest income was exempt ABCAUS Case Law Citation:ABCAUS…