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2009 (4) TMI 111 - KERALA HIGH COURTComputation of Income – Doctor’s Profession - Disallowance of expenses – IVP as a Capital Assets – Ignorance of Decisions of Supreme Court – If market value is zero, can it be constituted as Capital Goods – Regarding claim of expenses, tribunal rejected the claim for the reason that the claim was made for the first time before the Tribunal and the assessee never raised the issue in assessment before the officer or in first appeal before the first appellate authority – Regarding IVP, tribunal rejected the claim by holding that IVP is nothing but a deposit with the Post Office which entitles the assessee to a specific rate of interest on compoundable basis and assessee can encash the deposit only for the maturity value which is pre-determined – HC uphold the decisions of ITAT and dismissed the appeal - Government security is not comparable to IVPs
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