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Income Tax - Highlights / Catch Notes

Home Highlights February 2018 Year 2018 This

Additions for Advance against depreciation (AAD) - there is a ...

Income Tax

February 21, 2018

Additions for Advance against depreciation (AAD) - there is a timing difference and that it represents the adjustment in future and that it is therefore not even carried through the profit and loss account - not taxable - no addition can be made - HC

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  1. Taxability of advance against depreciation (AAD) – Advance against depreciation is reserve or not for computation of MAT u/s 115JB - Held No - AT

  2. Advance Against Depreciation (AAD) added to Book Profit u/s 115 JB - MAT computation - AAD is a timing difference, it is not a reserve, it is not carried through profit...

  3. Advance Against Depreciation - MAT u/s 115JB - AAD is income received in advance - the amount did not enter the stream of income - clause (b) of the Explanation 1 is not...

  4. Depreciation on intangible asset representing acquisition of business contract - assessee has also acquired contractual rights which, no doubt, is a valuable commercial...

  5. Difference in weighment of export goods - Advance license scheme - appreciating the fact that such difference was only 10%, there is no justification for the...

  6. Entitlement for depreciation on cinematographic films @ 100% - rights are integral and form and represent rights of a film distributor - deduction of full claim allowed - HC

  7. Addition u/s 41(1) - amount waived by TamilNad Mercantile Bank Limited representing Term Loan - waiver of loan does not amount to cessation of trading liability - No additions.

  8. Addition u/s 68 - unproved trade / sundry creditors - There is no justification for making the addition of advances received from the customers without taking into...

  9. Addition on account of balance-sheet difference - difference crept out of the balance-sheet item does not result as understatement of income.- AT

  10. Additions towards difference in the 26AS (TDS statement) and the books results - books of account of the assessee duly audited - We have noted that the audited books of...

 

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