Articles

A practical guide to claiming depreciation on business assets under Section 32 of the Income Tax Act, 1961.

Section 32 of the Income Tax Act, 1961: Depreciation on Business Assets

Judgement

The ITAT remanded the case to the AO after holding that the CIT(A) violated Rule 46A by admitting additional evidence without giving the AO an opportunity to verify it.

ITAT Remands Rs 1.67 Crore Addition Case After CIT(A) Admits Additional Evidence Without AO Verification

Notifications

India Orders Provisional Assessment of Chinese Insoluble Sulphur Imports Amid Anti-Absorption Review

The ITAT restricts the transport agent’s estimated income addition to 3% of bank credits, holding that only the profit element can be taxed instead of the entire freight receipts.

ITAT Reduces 10% Income Estimate to 3% for Transport Agent, Holds Only Profit Element Taxable

ITAT Sets Aside CIT(A) Order for Dismissing Appeal Without Granting Opportunity of a Virtual Hearing

GSTAT orders refund of unpassed ITC benefit with interest, holding penalty provision inapplicable retrospectively.

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Section 32 of the Income Tax Act, 1961: Depreciation on Business Assets

ITAT Remands Rs 1.67 Crore Addition Case After CIT(A) Admits Additional Evidence Without AO Verification

India Orders Provisional Assessment of Chinese Insoluble Sulphur Imports Amid Anti-Absorption Review

ITAT Reduces 10% Income Estimate to 3% for Transport Agent, Holds Only Profit Element Taxable

ITAT Sets Aside CIT(A) Order for Dismissing Appeal Without Granting Opportunity of a Virtual Hearing

GSTAT Orders Builder to Refund Rs 11.13 Lakh ITC Benefit to Homebuyers