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2014 (7) TMI 862 - AT - Income TaxDepreciation on property – Business activity not carried out during year – Held that:- CIT(A) was perfectly justified in holding that the Assessee is entitled to depreciation as well as deduction towards expenditure - the assessee has made a specific claim that the company had used the premises for its business purpose and had earned business conducting charges under the head ‘income from house property’ the nature of the said income does not cease to be business activity - income earned may be assessable to tax under the head ‘property income’ but the fact remains that the assessee was engaged in a business activity – assessee contended that claim of deduction towards depreciation as well as expenditure is directly linked to the earning of income under the head ‘business’ – thus, the order of the CIT(A) is upheld – Decided against Revenue.
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