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2014 (9) TMI 823 - HC - Income TaxAdjustment on sale of cylinders - Whether the Tribunal is right in deleting the prima facie adjustment made u/s 143(1)(a) in respect of sale of cylinders despite the clear provisions of section 43(6)(c)(B) of the Act – Held that:- The AO made the adjustments while processing the return u/s 143(1)(a) in respect of sale of cylinders at an amount of ₹ 16,66,800 - the assessee claimed 100 per cent depreciation on the cylinders, on sale of cylinders by reducing the same from plant and machinery - Tribunal had rightly held that at the issues with respect to the depreciation claimed by the assessee on the value of entire plant and machinery or on the value of each cylinders etc., are debatable issues and, as such, there are two views possible, and in such a situation, while processing return u/s 143(1)(a) of the Act, it was not open to the AO and or it was beyond the jurisdiction of the AO to make adjustment and consequently the adjustment made by the AO u/s 143(1)(a) of the Act has been set aside – the order of the Tribunal is upheld – Decided against revenue.
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