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2014 (4) TMI 1091 - AT - Income TaxComputation of deduction allowable u/s.10B - Held that:- In view of the detailed reasoning given by the Ld.CIT(A) directing the AO to exclude the Freight and Insurance charges from the total turnover for computing deduction u/s.10B we find no infirmity in the same. Accordingly, the order of the CIT(A) on this issue is upheld and the grounds raised by the Revenue are dismissed. Eligibility of depreciation - classification as ‘Furniture and Fixtures’ and ‘Plant and Machinery' - Held that:- Respectfully following the decision of the Tribunal in assessee’s own case in the preceding years and in absence of any contrary material brought to our notice we find no infirmity in the order of the CIT(A) directing the AO to allow depreciation @15%. Disallowance of deduction u/s.10B with reference to export invoice for want of ‘extension letter' - Held that:- Since the assessee in the instant case has applied for extension of time by the prescribed authority which has neither been rejected nor declined and the RBI has taken the inward remittances on record, therefore, we hold that the CIT(A) is not justified in curtailing the deduction u/s.10B by excluding the delayed receipt of export proceeds from the export turnover. We therefore set-aside the order of the CIT(A) on this issue and direct the AO to allow the claim of the assessee u/s.10B with respect to the export invoice - Decided in favour of assessee Refusing to treat ‘PMS’ fees paid as part of either of cost of acquisition/improvement or as ‘Cost of transfer’ for working Income from Capital Gain - Held that:- Respectfully following the decision of the Tribunal in the case of KRA Holding and Trading Pvt. Ltd. (2013 (9) TMI 1013 - ITAT PUNE ) we hold that the ‘PMS’ fees paid by the assessee is an allowable deduction from the capital gains.- Decided in favour of assessee Entitlement for higher depreciation on SMF batteries - Held that:- Since SMF batteries are integrated with UPS and used with it, we hold that the assessee is entitled to higher rate of depreciation on SMF Batteries.- Decided in favour of assessee
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