The Tribunal held that the expenditure on acquiring 3G spectrum created an intangible asset, allowing the assessee to claim depreciation u/s 32 of the Act. This crucial finding confirms the asset’s depreciable nature for AY 2012-13, preventing its amortization under later or inapplicable tax code sections.
The Kolkata Income Tax Appellate Tribunal (ITAT) remanded the Section 14A disallowance made on Srivaru Agro Pvt. Ltd. The Tribunal directed the Commissioner of Income Tax (Appeals {CIT (A))to verify the availability of the company’s own interest-free funds vis-à-vis investments and the reasonableness of administrative expenses, relying on the Supreme Court’s ruling in South Indian Bank Ltd.
Delhi High Court dismisses anticipatory bail plea for POCSO accused, ruling that friendship does not permit repeated sexual assault, confinement, or violence against a minor.
In a search assessment dispute, the ITAT Delhi struck down an addition of cash payments, concluding that the diary entries used as evidence were rough, unsigned jottings with no established link to the taxpayer’s finances beyond speculation. The entire addition was deleted as the diary lacked legal evidentiary value.
Roop Singh Yadav Vs Deputy Director Directorate of Enforcement (Appellate Tribunal Under Safema At New Delhi) ED Dams the Flow- From River Beautification to Corruption– Gomti Riverfront Scam – Tribunal Upholds ED’s Attachment of IAS Engineer’s Family Properties in ₹30 Lakh Bribe Case The Appellate Tribunal under SAFEMA, New Delhi, in its Final Order, dismissed […]
Even properties acquired using personal savings or transferred within family can be attached if linked to proceeds of crime. The Tribunal emphasized intent and connection to criminal funds over formal ownership documents.
Delhi ITAT dismissed Revenue’s appeal, upholding deletion of a Rs.19.18 crore protective addition against an alleged entry operator. Ruling affirmed that since AO accepted assessee as a commission agent, only estimated commission income, and not entire turnover, was taxable in agent’s hands.
ITAT Delhi dismissed Revenue’s appeal for AY 2017-18, confirming CIT(A)/NFAC’s deletion of disallowances on fixed deposit interest, bad debts, software expenses, inter-office adjustments, and depreciation on investments. Tribunal relied on consistent precedents, RBI/ICDS guidelines, and prior assessments to uphold the bank’s claims.
The Tribunal set aside the PCIT’s revision of a scrutiny assessment, ruling the action invalid because the Assessing Officer’s view on critical items like creditors and PF/ESI payments was already plausible and reasoned. Introducing new issues not covered in the show-cause notice constituted an exercise of jurisdiction beyond the permissible scope of Section 263.
This case clarifies that eligibility for the Section 80-IA deduction must be verified project-by-project, irrespective of a taxpayer’s status in a previous year. The Tribunal held that only projects previously approved by the Settlement Commission are eligible, requiring fresh scrutiny for all new or unverified contracts.
