The bonus depreciation phase-out may impact manufacturers who regularly make large-ticket capital equipment purchases and have relied on bonus depreciation to lower their taxes. For the last five ...
The Supreme Court held that revision under Section 263 requires both error and prejudice to revenue. In this case, depreciation claimed by a loss-making entity was tax-neutral, so revision was ...
ITAT Chandigarh ruled that CAD software with a short lifecycle and frequent upgrades qualifies as revenue expenditure, enabling full Section 80IC deduction. AO and CIT(A) orders were set ...
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