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2010 (11) TMI 694 - ITAT VISAKHAPATNAMRental receipt on leasing of poultries - He has simply relied upon certain clauses of the agreement but he has over looked the real factor that no efforts were made by the assessee for the restart or revival of its business - Since the assessee has not started its business and has finally closed down we are of the view that the assessee had never intention to restart its business, therefore, the leased rental income was rightly considered by the Assessing Officer as an income from other sources. Expenses - The assessee has given the details of the expenditure available in the assessment order and from its perusal, we find that the poultry equipment repairs, salary and wages, staff welfare, repair and maintenance, printing and stationery, miscellaneous expenses, tax presentation fees, audit fees, filing fees and bank charges are to be allowed because the assessee is a private limited company and the minimum expenditures are to be incurred to keep the assessee company alive. - whatever expenses are necessary to be incurred to earn the income are allowable expenditure under section 57(iii) of the Income-tax Act. - matter remanded back to AO to re-compute the income.
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