Tuesday, September 28, 2021

SLP dismissed against ruling allowing higher dep. on dumpers as assessee was providing vehicles on hire

INCOME TAX : SLP dismissed against impugned order of High Court holding that where assessee-company engaged in providing equipment for mining and motor vehicles for hire had received contracts which included transportation of excavated minerals, higher rate of depreciation claimed on dumpers at rate of 30 per cent was to be allowed

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...