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2017 (7) TMI 255 - ITAT CHENNAIDisallowance being donation made u/s.35AC - Held that:- In view of the binding order of the co-ordinate Bench of this Tribunal in case of M/s. Mangal Tech Park Pvt. Ltd [2016 (7) TMI 839 - ITAT CHENNAI] we are inclined to remit the issue in dispute to the file of the Assessing Officer to reexamine the issue on a similar direction and also the claim of assessee has to be considered as valid, if it has transferred the funds to the Bank account opened in the name of an institution which was duly registered u/s 35AC of the Act on the said dates of transfer of funds. Further, if there is a malpractice or discrepancies in the management of the Trust Account for which the assessee cannot be responsible so as to deny the benefit u/s.35AC of the Act. This ground of the appeal is partly allowed for statistical purposes. Disallowance of depreciation on intangible assets - Held that:- The asset is a license obtained towards carrying on business which gives right to access marketing rights in European countries. As seen from the facts of the case, in our opinion, this is a business or commercial right which gives a right to access carrying of business in European countries and it is the license or akin to license in terms of Sec.32(1)(ii) of the Act. Therefore, depreciation is allowable on the cost of the intangible assets. See Techno Shares And Stocks Ltd. [2010 (9) TMI 6 - SUPREME COURT OF INDIA]. Decide the issue in favour of the assessee.
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