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2022 (8) TMI 1414 - ITAT CHENNAIDepreciation on ATMs - to be treated as computers or plant and machineries - @15% or 40% - HELD THAT:- We find that an identical issue has been considered by the Tribunal in assessee’s own case for the assessment year 2015-16 & 2016-17 [2020 (3) TMI 802 - ITAT CHENNAI] wherein, the Tribunal by following earlier decision in assessee’s own case held that the assessee is entitled for 60% depreciation on ATM machines. Computation of depreciation - Facts remains that once the assessee is entitled for 60% of depreciation on ATM machines, the AO has to work out the depreciation right from the beginning at 60% to compute WDV. Accordingly, we direct the AO to allow 60% of depreciation and work out the opening WDV and compute the correct depreciation to be allowed for the impugned assessment year. Cessation of liability u. 41(1) - Addition made as assessee could not justify with necessary evidences - Even before the ld. CIT(A), the assessee could file any evidence to justify the existence of the liabilities - HELD THAT:- As considering the fact and circumstances of the case and also the plea of the ld. Counsel for the assessee, we confirm the addition made towards the disallowance of cessation of liability u/s 41(1) of the Act and reject the ground taken by the assessee.
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