Interest paid on borrowed sum isn't deductible when income is determined by applying estimated rate

IT : Depreciation is allowable even if total income is estimated by applying net profit rate

Prior to 1-3-2007, no reversal of credit was required on inputs after opting for exemption

Cenvat Credit : Prior to 1-3-2007, credit taken on inputs during period before taking exemption need not be reversed; reversal under rule 11(3) of CENVAT Credit Rules, 2004 is required only from 1-3-2007

Reassessment set aside as AO had disallowed interest by treating it as capital exp. due to change of

IT : Assessing Officer having allowed deduction in respect of assessee's claim for payment of interest, could not initiate reassessment proceedings merely on basis of change of opinion that interest expenditure in question was capital in nature

ITAT directs AO to exclude seven comparables to determine ALP following decisions of co-ordinate ben

IT/ILT : Following decisions of co-ordinate Benches, seven companies were directed to be excluded from comparables for computing ALP of transactions entered into by assessee with its AEs

No sec. 11 relief if trust was doing supermarket business on commercial lines, being not incidental

IT : Where assessee trust carried on supermarket business for and on behalf of trust on commercial basis and there was no nexus between supermarket business and activity incidental to attainment of objects of assessee, assessee would be disentitled for exemption under section 11

No capital gain on transfer of transferable development rights as its cost of acquisition couldn't b

IT : Where assessee had not incurred any cost to acquire TDR attached to land owned by society, transfer of same to developer for consideration for construction of a floor space index would not be eligible to capital gains tax

Presence of large builders offering commercial space in same area rules out dominance of opposite pa

Competition Act: Presence of large number of players in relevant market for services of development of commercial space in shopping malls in Noida and Greater Noida indicated that commercial shop buyers had choice and were not solely dependent on opposite party and, therefore, opposite party was not dominant in relevant market

HC dismissed writ as assessee had already filed appeal against the adjudication order

Service Tax : Where assessee had filed appeal against adjudication order and all issues (including time-bar) could be raised before appellate authority, writ petition filed against said adjudication order was to dismissed in view of effective alternate remedy