Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (5) TMI 798 - ITAT HYDERABADDisallowance of loss of gold and silver due to wastage - CIT(A) deleted the addition - Held that:- It appears from records that the wastage for the assessment year 2004-05 works out to 2.82 per cent. and that for the assessment year 2009-10 is 4.01 per cent. Thus, the wastage claimed by the assessee is within the permissible limit. The learned Departmental representative was also not able to bring any material to controvert the aforesaid factual position. In these facts and circumstances, we find no infirmity in the order of the Commissioner of Income-tax (Appeals) in deleting the addition made by the Assessing Officer by following the order of the Income-tax Appellate Tribunal for the assessment year 2008-09 wherein allowed wastage of 5 per cent. - Decided against revenue. Depreciation at the rate of 50 per cent. on motor car disallowed - Held that:- On perusal of the assessment order, it appears that the Assessing Officer has given no reason as to why the assessee's claim of depreciation at the rate of 50 per cent. is not allowable. Since the disallowance of depreciation claimed is not supported by any reason, the disallowance so made, cannot be sustained. However, it is seen from the order of the Commissioner of Income-tax (Appeals) that the assessee has purchased the motor car on February 26, 2009 which in other words mean that the asset has been used for less than 180 days and as such the assessee is not entitled for full depreciation but for 50 per cent. of the amount computed. We therefore direct the Assessing Officer to compute depreciation on motor car accordingly.The order of the Commissioner of Income-tax (Appeals) is modified to the extent indicated above. - Decided partly in favour of revenue.
|