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2005 (7) TMI 57 - HC - Income TaxActual cost - "1. Whether, Tribunal was right in law in holding that the amount received under the Central Government's outright grant of Subsidy Scheme of 1971 for industrial units set up in selected backward districts or areas did not go to reduce the actual cost as defined in section 43(1) of the Income-tax Act, 1961, for the purpose of computing the depreciation for the assessment year 1980-81? 2. Whether, Tribunal was justified in holding that deduction under sub-section (1) of section 35CC could not be denied to the assessee although the statement of expenditure which was required to be furnished under sub-section (3) of section 35CC had been furnished in the course of assessment proceedings and not with the return itself?" – held that the provisions of section 35CC(3) which provide for filing of the statement of expenses along with the return for that particular assessment year are directory - Tribunal was thus justified in holding that the statement of expenses which was required to be furnished u/s 35 CC(3) along with the return could be furnished during the course of assessment
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