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2008 (9) TMI 591 - BOMBAY HIGH COURTAllowance - Depreciation on furniture - Seller does not dispute that the respondent is entitled to claim depreciation under section 32 with regard to furniture acquired. - However, the dispute is with regard to valuation of the furniture - If that be so, the same cannot be a question of law. Interest income of Rs. 45,59,163 as business income - the borrowing made by the appellant were very much part and parcel of the assessee's investment in acquiring the ship. Even the R.B.I.'s permission was obtained for the same and interest was acquired with regard to the unutilised portion of the said borrowing. Interest attributable to earning of dividend income - computing the book profit - Net profit enhanced by the amount of interest and other expenses as no expenditure was attributable to earning of dividend income exempt u/s 10(33)- interest attributable to earning of dividend income exempt under section 10(33)- the Tribunal has clearly said that the said claim has been covered in view of the judgment of the hon'ble Supreme Court in the case of CIT v. Kwality Biscuits Ltd. reported in (2006 -TMI - 40378 - SUPREME Court) - Hence, the appeal is dismissed accordingly.
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