Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (7) TMI 1206 - AT - Income TaxClaim of depreciation by assessee trust - Held that:- The assessee was entitled for the claim of depreciation. The assessee has been getting the benefit of depreciation in all previous years and therefore, as a matter of principle of consistency, the assessee should be eligible to get the benefit of depreciation in this year as well and for this purpose, derive support from the judgment of Hon’ble Supreme Court in the case of CIT v. Excel Industries Pvt. Ltd. [2013 (10) TMI 324 - SUPREME COURT ] Provisions of the benefit of carry forward of deficit - Held that:- The issue of excess application of earlier years to be carried forward is decided in favour of the appellant in the decision of the higher judicial forums as referred and relied by the appellant. Therefore, respectfully following the decisions relied upon by the appellant and applicable under the facts and circumstances of the case, Ground No.4 is allowed. However, the AO is directed to verify the claim of C/f. of earlier year deficits that such amounts are part of excess expenditure of earlier years’ and such amounts are liable to be considered as part of application of income in the respective years. It may further be verified that such excess expenditure of earlier years claimed is out of income of the respective years.
|