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2020 (3) TMI 232 - HC - Income TaxAddition u/s 14A - computing book profit under Section 115JB - HELD THAT:- No addition in the book profit can be made on the basis of the calculations worked out under section 14A - See GUJARAT STATE FERTILIZERS & CHEMICALS LTD. [2013 (7) TMI 701 - GUJARAT HIGH COURT] and GUJARAT FLUOROCHEMICALS LTD [2019 (7) TMI 541 - GUJARAT HIGH COURT] Grant of subsidy - Claim of depreciation - HELD THAT:- We are in agreement with the concurrent finding of fact arrived at by the CIT(A) as well as the Tribunal as the assessee did not acquire any fixed assets on which depreciation has been claimed, and therefore, grants cannot be reduced from cost of fixed asset of the assessee. Therefore, appeal stands dismissed qua question No.2[c] proposed by the Revenue. Interest income - business instead OR income from other sources - HELD THAT:- Interest earned by the assessee was directly related to the business.
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