Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2010 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (5) TMI 420 - HC - Income TaxBusiness loss - In the return, filed declaring income, the assessee claimed 100 per cent. depre- ciation amounting to Rs. 3,60,19,500 as Cost - Since there is no business of lease transaction there cannot be any loss on such business - Neither is there any finding that the finding of the Assessing Officer or the first appellate authority that the alleged lease transaction is bogus is unsustainable nor that there was any lease transaction established - The additional documents produced before the Tribunal as well as before this court are not better than the documents produced before the Assessing Officer and rejected by him, which was confirmed by the first appellate authority - Held that: entire lease transaction are bogus and mere paper transactions - attempts to evade tax – Held that: - respondent is not entitled to any deduction towards the business loss - Decided against the assessee
|