Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights May 2013 Year 2013 This

ITAT's power of rectification - In the present case, decision of ...


High Court Confirms ITAT Cannot Rectify Tribunal's Decision Allowing Depreciation on 8% Profit.

May 29, 2013

Case Laws     Income Tax     HC

ITAT's power of rectification - In the present case, decision of the Tribunal to allow depreciation on 8% profit was a conscious decision. - ITAT not allowed to rectify - HC

View Source

 


 

You may also like:

  1. In a case regarding GP estimation, the Assessing Officer (AO) applied an 8% profit rate on the assessee's turnover, which did not match Form 26AS. The CIT(A),...

  2. The assessee offered presumptive tax u/s 44AD on contract receipts, declaring net profit at 15% except for one year. The Assessing Officer (AO) made additions for...

  3. Best judgment assessment - Order of ITAT modified for determining the profit rate @ 8% instead of 12.5% on gross contract receipt subject to allowing depreciation,...

  4. The Appellate Tribunal addressed undisclosed sales and net profit determination. The CIT(A) limited the addition to the net profit element, with the Revenue arguing for...

  5. The assessee, after being amalgamated with another company, treated the excess consideration paid over the net assets acquired as goodwill and claimed depreciation at...

  6. Deduction u/s 80IAB on the disallowance of depreciation on Water-use Rights (Intangibles Asset) - The Tribunal acknowledged the payment made by the assessee for...

  7. Addition of contract receipts - bogus activity - Estimation of income - The AO had made an addition to the assessee's income, alleging discrepancies in the contract...

  8. Depreciation on the closed units for last 8 years - although the production is suspended but the other activities of the units are being carried out - claim of...

  9. Rejection of books of accounts - estimation of income from business - The Tribunal upheld the decision of the CIT(A)-NFAC, stating that substantial relief was already...

  10. The ITAT, an Appellate Tribunal, addressed the issue of determining income from futures transactions. The Tribunal held that the AO's addition lacked transparency as no...

  11. The Tribunal allowed the assessee's claim for depreciation on goodwill arising from amalgamation u/s 32(1)(ii), following the Supreme Court's decision in Smifs...

  12. Period of limitation for carrying forward of Unabsorbed depreciation loss prior to assessment year - once the Circular No.14 of 2001 clarified that the restriction of 8...

  13. Carry forward of the depreciation loss - once the Circular No.14 of 2001 clarified that the restriction of 8 years for carry forward and set off of unabsorbed...

  14. Unabsorbed business/depreciation loss - carried forward and set off - the legislature has resorted to original provisions by amendment brought in by Finance Act 2001,...

  15. Deemed divided u/s 2(22)(e) requires arriving at accumulated profits by deducting depreciation as per Income-tax Act rates. Bombay High Court in Navnit Lal C Javeri and...

 

Quick Updates:Latest Updates