On the facts of this case, however, all that the Assessing Officer has indicated is that the assessee had a permanent establishment (PE) in India during the relevant period and that there was presumably some connection between the interest income of the assessee and the existence of the permanent establishment.
Shares are financial assets classified as tangible assets because they derive value from contractual claims. Hence, the same is not depreciable u/s 32 (1) (ii) of The Act.
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ITAT ruled that when sales are not in doubt, then 100% disallowance for bogus purchases cannot be made and relied on Hon’ble jurisdictional High Court in Nikunj Eximp Enterprises Pvt Ltd 372 ITR 619 (Bom) and Principal Commissioner of Income-tax vs M. Haji Adam & Co Income Tax Appeal No.1004 of 2016 dated 11/2/2019.
Explore the detailed analysis of K. Uttamlal & Company vs ACIT case regarding disallowance of foreign exchange loss on buyer credit. Learn the legal perspective and the final verdict.
Disallowance on delay in payment toward employee’s contribution to PF u/s 36(1)(va) via u/s 143(1) deleted in absence of adequate intimation to the assessee.
Short term capital loss not claimed while filing return u/s 139(1). Loss was claimed for the first time via return u/s 153A. Claim denied according to provisions of section 80.
Held that consideration paid by the assessee in excess of its value of tangible assets was rightly classified as goodwill the same is eligible for depreciation
