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2012 (5) TMI 622 - AT - Income TaxAddition u/s 43B - Held that:- Remit the matter back to Assessing Officer to verify dates whether payment is made within due dates of filing of return of income u/s. 139(1) of the Act or not. If payments are made within due date of filing of return of income u/s. 139(1) of the Act, then addition should be deleted in full. We order accordingly. This ground of appeal of the assessee is allowed for statistical purposes. Disallowance of prior period expenses on account of interest - Held that:- This expenditure is related to the receipts for accounting year 2003-04 and 2004-05 and not to the relevant assessment year 2007-08. Hence, these are not allowable in this year. Disallowance of depreciation on hotel building - Held that:- No infirmity in the order of CIT(A) and even in earlier years the assessee's claim has been allowed @ 10% as per depreciation rules. Accordingly, this issue of assessee's appeal is dismissed. Estimated proportionate disallowance of interest paid on borrowed funds having advanced interest free to its subsidiary company and sister concern - Held that:- The amount advanced by assessee-company to its subsidiaries is for advancement of its objects and falls under the commercial expediency thus we allow the claim of assessee Addition u/s 14A - Held that:- We direct the AO to restrict disallowance at 1% of expenses. This ground of appeal of assessee is partly allowed.
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