The ITAT examined multiple taxation issues involving ...

Tribunal Scrutinizes Complex Tax Deductions, Remands Key Issues for Detailed Reassessment of Depreciation and Asset Valuation

May 26, 2025

Case Laws Income Tax AT

The ITAT examined multiple taxation issues involving depreciation, non-compete fees, and revenue recognition. The tribunal set aside several matters to the Assessing Officer (AO) for further investigation, including: (1) the classification of non-compete fee as an intangible asset, requiring re-examination of the transaction's nature and commercial context; (2) valuation of film software library through an independent valuer; (3) reassessment of section 14A disallowance by analyzing investment types and exempt income; and (4) verification of provision for marketing expenses. The tribunal partially allowed the revenue's grounds, directing the AO to conduct detailed assessments in line with the discussed legal principles and precedents, ensuring comprehensive tax compliance and accurate financial reporting.

View Source

← Previous Next →

The ITAT examined multiple taxation issues involving ...

Tribunal Scrutinizes Complex Tax Deductions, Remands Key Issues for Detailed Reassessment of Depreciation and Asset Valuation

May 26, 2025

Case Laws Income Tax AT

You may also like:

ITAT ruled on multiple taxation issues for the assessee engaged in software development. The tribunal partially allowed the assessee's appeals, addressing key points:...

ITAT adjudicated a tax dispute concerning expense allocation and deduction claims under Section 80IC. The tribunal remanded the matter to the Assessing Officer for...

The Income Tax Appellate Tribunal considered whether an assessee can claim deduction under Chapter VI-A of the Income Tax Act, 1961 for the first time in the return...

Scope of Rectification u/s 254 - Power of ITAT - valuation of a bundle of sports rights purchased by the petitioner - Despite detailed expert opinions and submissions by...

HC considered levy of tax, interest, and penalty on CMWSSB for supplying purified water. HC found issues with adjudication: 1) Misinterpretation of purified water...

ITAT adjudicated two key tax issues involving a State Government undertaking. First, the tribunal upheld disallowance of guarantee commission paid to Kerala State...

The assessee was allowed deduction u/s 54/54F without proper examination of relevant details and materials. The Assessing Officer (AO) framed the assessment u/s 143(3)...

Recovery of short paid service tax - Construction of Complex Service - adjustment of the excess service tax paid - Service Tax when introduced followed the receipt based...

Assessee's appeal for rectification dismissed. Tribunal clarified recoveries of securities losses would not be taxed in AY 2002-03 subject to outcome of appeals for AY...

ITAT ruled on joint property ownership and tax deduction claims. The tribunal allowed the assessee's claim under Section 54, finding no legal impediment to claiming...

The ITAT allowed the assessee's appeal for statistical purposes, remanding the case for re-examination. The tribunal found merit in the assessee's arguments that the...

The assessing officer (AO) exceeded jurisdiction by reclassifying income as fees for technical services (FTS) instead of royalty, contrary to the limited remand order...

The Appellate Tribunal found that the issue of jurisdiction to initiate proceedings is fundamental and must be addressed first before examining the merits. The order...

Deduction u/s 80P - interest income - The tribunal noted that section 80P(2)(a)(i) allows deduction for cooperative societies engaged in banking or providing credit...

The Appellate Tribunal dismissed the appeal u/s 249(4)(b) due to non-payment of advance tax. The assessee did not respond to the notice u/s 142(1) to clarify tax payment....

Quick Updates: