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13 orders · Page 1 of 1
The Tribunal allowed depreciation for AY 2010-11 and 2011-12, as the building was partly used for business, but dismissed it for AY 2012-13 as the assessee offered income from house property. The issue of Section 14A disallowance was remitted to the Assessing Officer for fresh consideration.
The Tribunal held that while the estimation of unaccounted receipts was justified, the assessee was entitled to proportionate deductions for the cost of construction related to these receipts. The Assessing Officer was directed to recompute the undisclosed income after considering these costs.
The Tribunal held that Section 43B is not applicable when the unpaid service tax was not claimed as a deduction in the P&L account. Regarding depreciation on land, the Tribunal noted the conflicting views and the lack of a definitive answer in cases of composite purchase prices.
The Tribunal found that the CIT(A) had not properly addressed the assessee's alternative claims for deduction under Section 80P(2)(a)(i) when deduction under Section 80P(2)(d) was denied. Therefore, the matters were remitted back to the CIT(A) for fresh consideration.
The Tribunal held that interest paid for delay in payment of agricultural income tax cannot be allowed as a deduction under Section 37 or 36(1)(iii) of the Income Tax Act. It reasoned that such interest has a direct nexus with agricultural income, which is exempt from tax.
The Tribunal held that while the estimation of unaccounted receipts was justified, the assessee was entitled to proportionate deductions for the cost of construction related to these receipts. The Assessing Officer was directed to recompute the undisclosed income after considering these costs.
The Tribunal held that while the estimation of unaccounted receipts was justified, the assessee was entitled to proportionate deductions for the cost of construction related to these receipts. The Assessing Officer was directed to recompute the undisclosed income after considering these costs.
The Tribunal found that the CIT(A) had not properly addressed the assessee's alternative claims for deduction under Section 80P(2)(a)(i) when deduction under Section 80P(2)(d) was denied. Therefore, the matters were remitted back to the CIT(A) for fresh consideration.
The Tribunal allowed depreciation for AY 2010-11 and 2011-12, as the building was partly used for business, but dismissed it for AY 2012-13 as the assessee offered income from house property. The issue of Section 14A disallowance was remitted to the Assessing Officer for fresh consideration.
The Tribunal allowed depreciation for AY 2010-11 and 2011-12, as the building was partly used for business, but dismissed it for AY 2012-13 as the assessee offered income from house property. The issue of Section 14A disallowance was remitted to the Assessing Officer for fresh consideration.
The Tribunal held that interest paid for delay in payment of agricultural income tax cannot be allowed as a deduction under Section 37 or 36(1)(iii) of the Income Tax Act. It reasoned that such interest has a direct nexus with agricultural income, which is exempt from tax.
The Tribunal held that interest paid for delay in payment of agricultural income tax cannot be allowed as a deduction under Section 37 or 36(1)(iii) of the Income Tax Act. It reasoned that such interest has a direct nexus with agricultural income, which is exempt from tax.
The Tribunal held that interest paid for delay in payment of agricultural income tax cannot be allowed as a deduction under Section 37 or 36(1)(iii) of the Income Tax Act. It reasoned that such interest has a direct nexus with agricultural income, which is exempt from tax.