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2014 (2) TMI 1236 - AT - Income TaxAssessment of business profits - income declared during survey and consequent disallowance of business expenses - Held that:- Disallowance of business expenses is covered by the decision of the Tribunal in the case of other group concern in the case of Shrreshay Engg. Pvt. Ltd. [2014 (1) TMI 876 - ITAT MUMBAI] wherein the Tribunal has held that the expenses are to be allowed by AO after verification as AO and the Ld.CIT(A), however, misconceived the claim of the assessee for the said expenses as that of against the additional income declared during the course of survey and made disallowance of the said expenses on the basis of this misconception without considering or examining the said claim on merit being the claim for regular business expenses of post survey period against regular business income. Allowability of set off of the brought forward business losses and unabsorbed depreciation of the earlier years - Held that:- The present assessee has moved an application u/s 154 before the AO for considering the said claim, which is not disputed by the Revenue, we, following the aforementioned decision of the earlier years being assessment years 2005-06 and 2006-07, direct the AO to dispose of the application filed by the assessee u/s 154 expeditiously without any further delay
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