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2004 (12) TMI 51 - ANDHRA PRADESH HIGH COURT"1. Whether Tribunal is correct in upholding the disallowance out of interest payable on the deposits accepted under the Companies (Acceptance of Deposits) Rules, 1975, by applying the provisions of section 40A(8) of the Income-tax Act, 1961? 2. Whether assessee is entitled to claim depreciation at the revised rates effective from April 2, 1983 for AYs 1980-81 and 1981-82? 3. Whether assessee is entitled to the deduction of the sales tax liability based on the demand pursuant to the completion of the assessment on February 18, 1980, under the Central sales tax while computing its income liable to tax for the AY 1981-82?" - we do not find any merit in the claim of the assessee, and, accordingly, we answer the question in favour of the Revenue
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