The transaction of acquisition business as a going concern is ...

Assessing Officer Limits Depreciation Allowance on Business Acquisition to Prevent Tax Avoidance by Related Parties.

July 13, 2017

Case Laws Income Tax AT

The transaction of acquisition business as a going concern is between two related parties and the seller had a substantial interest by holding 50% share. The assets were already depreciated in the hands of the seller i.e. M/s.BPL Ltd., higher values were assigned by the assessee-company in order to avoid tax liability - AO is justified in his action in restricting the allowance of depreciation on WDV at higher than 25% of the closing stock.

View Source

← Previous Next →

The transaction of acquisition business as a going concern is ...

Assessing Officer Limits Depreciation Allowance on Business Acquisition to Prevent Tax Avoidance by Related Parties.

July 13, 2017

Case Laws Income Tax AT

You may also like:

The case pertains to the scope of limited scrutiny by the assessing officer regarding computation of capital gains u/s 45 and providing exemption u/s 54B of the Income...

Assessing Officer directed to allow set off of current year's business loss as well as the brought forward business loss/unabsorbed depreciation against the income...

The issue pertained to the validity of filing a revised return after the prescribed time limit. The High Court set aside the Tribunal's order, stating that after the...

Reopening of assessment u/s 147 - Assessing Officer to usurp the jurisdiction to reopen the assessment - The first Assessing Officer has made the reassessment after...

Depreciation allowance at the rate of 30% for the vehicles given on hire denied - It was engaged in the business of hiring trucks and those trucks cannot be treated as...

Allowance of depreciation on cars given on hire, treatment of interest paid on loans for purchase of plot as part of cost of acquisition for computing capital gains,...

Allowance of depreciation - depreciation on toll road as building - ownership of the assets - depreciation allowed - AT

Allowability of non-compete fee paid - As the case of the Assessing Officer appears to be that the non-compete consideration is nothing but a part of the consideration...

Unabsorbed depreciation is to be added to the account of allowance of depreciation of the next year and as such merges with next year’s depreciation allowance - and...

The Tribunal held that the assessment order passed by the Assessing Officer was barred by limitation and quashed it. As per Section 144C(13) read with Section 143(3),...

Disallowance u/s 14A read with Rule 8D - The assessing officer's reliance on CBDT Circular No. 5 of 2014 to make disallowance u/s 14A is legally untenable and liable to...

The Transfer Pricing Officer's order was held invalid as it was issued beyond the time limit prescribed u/s 92CA(3A) of the Act read with Section 153. The ITAT ruled...

Refund of the excess tax collected - the time limit prescribed for filing such declarations is directory and not mandatory and in the case on hand the assessing officer...

Unabsorbed depreciation - whether unabsorbed depreciation should be allowed before the allowance of the unabsorbed investment allowance - This scrambled egg cannot be...

Carry forward of investment allowance - unabsorbed depreciation of Amalgamating Company - Section 72A - Claim allowed - HC

Quick Updates: