TMI Blog2008 (11) TMI 364X X X X Extracts X X X X X X X X Extracts X X X X ..... on or to provide service. The assessee claimed depreciation to the extent of increase in price due to fluctuation in foreign exchange rate resulting in increase in the price of the machinery. The Commissioner (Appeals) allow the claim. The Tribunal held that income from commission and service charge was business income and it could not be treated to be income from other sources. Held that- it cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come-tax Appellate Tribunal was justified in ignoring the respondent as only a manufacturer as it did not have the object of earning commission and service charges as per the memorandum of articles of the respondent company ? (ii) Whether on the facts and law, the hon'ble Income-tax Appellate Tribunal was justified in ignoring the proviso to section 43A of the Income-tax Act, in respect of liabi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... both the counts, which order has been affirmed by the Tribunal. It was held that income from commission and service charges was business income and the same could not be treated to be income from other sources. The Commissioner of Income-tax (Appeals) followed the decision in the case of the assessee for the previous year. 4. As regards the claim for higher depreciation on account of increase o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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