Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (4) TMI 850 - HC - Income TaxWaiver of Interest u/s 234B of the Act – Entitlement to claim unabsorbed depreciation – Held that:- The decision in Garden Silk Weaving Factory Versus Commissioner of Income-Tax [1991 (3) TMI 1 - SUPREME Court] followed - Depreciation of a firm cannot be allocated to the benefit of partners personally and it shall revert back to the firm, the assessees should have been careful enough to file their returns without claiming such unabsorbed depreciation - though 1989-90 assessment of the firm did allocate such unabsorbed depreciation, law of the land declared such allocation as bad - the returns ought to have been filed showing the correct income - the advance tax was not paid, therefore, automatically they are liable to pay interest chargeable u/s 234B of the Act – Decided in favour of Revenue.
|