“Section 262(1)”

The law applicable for an assessment year is the law as it stands amended on the first day of April of that financial year. Any amendments coming into force after April 1st do not apply to the assessments for that year.

This case is cited for the proposition that oral admissions made during the course of a search can be considered as evidence.

For banks, bad debts written off from non-rural advances are not subject to the limitations of the provisos to sections 36(1)(vii) and 36(1)(viii), as these provisos apply only to rural advances; section 36(1)(viia) also applies exclusively to rural advances. Additionally, depreciation on investments valued at market price on the balance sheet date is eligible for deduction.

The ITAT decision in Chemplast Sanmar Ltd. v. DCIT is authority for the proposition that no interference is called for in an impugned order when no contrary decision has been placed on record.

Income from royalties or fees for technical services paid to a non-resident is not taxable in India if it is for the purpose of earning income from outside India or for carrying on business outside India, aligning with the exclusionary clauses of Section 9(1)(vii)(b).

Transactions settled by journal entry, without actual cash movement, do not violate Section 269SS or Section 269T, and consequently, penalties under Section 271D or Section 271E are not leviable.

Customizing design, supply, and installation services that form part of an outright sale of equipment do not attract Tax Deducted at Source (TDS) under Section 9(1)(vii) Explanation 2 of the Income Tax Act.

Making Ready Mix Concrete (RMC) is considered a manufacturing process, entitling assessees engaged in construction to additional depreciation on plant and machinery used in this activity.