This guide compiles depreciation rates under the Income-tax Act and useful lives under the Companies Act for various business assets. It serves as a comprehensive reference for calculating depreciation across different asset classes.
ITAT held that low declared income alone cannot negate creditworthiness where loans were genuine, documented, received and repaid through banking channels.
Calcutta HC granted anticipatory bail to one applicant considering her personal circumstances while rejecting the co-accused’s plea after examining the case diary.
The ITAT held that Section 54 exemption must be examined separately for each residential house sold. The benefit cannot be restricted to one new house merely because multiple houses were transferred.
ITAT held that Section 54F deduction cannot be denied where capital gains are invested in a residential house within the prescribed period despite non-deposit in the Capital Gains Account Scheme.
ITAT confirmed the Section 69A addition after the assessee failed to produce evidence identifying the alleged farmers or explaining the source of ₹23 lakh.
Madras High Court held that notifications under Sections 9 and 11 of the CGST Act cannot exceed GST Council recommendations. Unsupported additions were declared ultra vires.
Fastenex Private Limited Vs State Tax Officer (Inspection-VI) (Madras High Court) The Madras High Court delivered a common order in a batch of writ petitions concerning proceedings initiated under Section 74 of the Central Goods and Services Tax Act, 2017 and the Tamil Nadu Goods and Services Tax Act, 2017. The judgment arose from a […]
ITAT held that Section 87A rebate cannot be denied on tax payable under Section 111A where the assessee qualifies under the prescribed income limit and follows settled Tribunal rulings.
The Delhi High Court held that an assessment relying on a seized document and its author’s statement cannot be sustained without providing a real opportunity for cross-examination. The matter was remitted for fresh adjudication.
