Value of goodwill is amount paid over & above tangible assets and values assigned to other intangible assets – Depreciation allowed
ITAT Pune remanded the matter as order of CIT(A) suffers from lack of verification of facts and applicability of legal provision in the subject matter.
ITAT Pune held that waiver of loan is not taxable under section 28(i) of the Income Tax Act as the same is not a business income.
It is seen that the assessee is maintaining regular books of accounts. The first item is of Rs. 20,50,000/- claimed to have been received from farmers out of advances made in the preceding year.
AO observed that the assessee deposited cash of Rs.17.00 lakh in his bank account on different dates during the demonetization period.
it has been clearly brought out that this flat was never used for any business purposes of the assessee-company and whatever evidences have been produced in the form of leave and licence agreement, minutes of Board meeting, etc. fall in the category of self-serving documents.
ITAT Pune held that once a revised return is filed within the time permitted u/s.139(5), it substitutes the original return in all respects. Accordingly, claim of enhanced amount of carry forward of loss vide revised return is allowable.
ITAT Pune held that default in allotting ‘DIN and Order’ results into quashing of the impugned assessment as according to CBDT circular no. 19/2019 dated 14.08.2019 such an order ought to be treated as to have never been issued herein.
ITAT Pune held that order u/s 119 dated 27.09.2019 extending due date to 31.10.2019 in respect of cases covered under Explanation 2(a) to section 139(1) applies to HUF too. Accordingly, as return by HUF filed within extended time limit, deduction u/s 80IA(7) of Income Tax Act allowable.
Aggreko Energy Rental India Pvt. Ltd. Vs DCIT (ITAT Pune) ITAT Pune held that appellate authority has power to entertain any new claim for the first time though not made before the Assessing Officer as the intention of the revenue would be to tax real income. Accordingly, revised claim of depreciation on goodwill made otherwise […]
