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2012 (12) TMI 183 - AT - Income TaxDepreciation - WDV u/s 43(6) - whether depreciation to be computed on original cost or cost reduced by notional depreciation for the earlier years - held that:- It is not in dispute that the provisions do not envisage any notional allowance and the Assessing Officer thus cannot work out such notional allowance and reduce the same from the depreciation claimed. The words actually allowed means actually allowed in the course of assessment. The assessee was not liable to be taxed and hence, no assessments were framed for the earlier years - Decided in favor of assessee. Change in method of accounting - bonafide or not - change from cash basis to accrual basis - interest income - held that:- Once the fact is admitted that for the said period, the assessee was not liable to tax, to say that the assessee should not have changed the method of accounting for the said period is ignoring the obvious, namely, the change is based on the advice received from the Consultant to adopt the prescribed accounting standards. - Decided in favor of assessee.
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