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2016 (7) TMI 1330 - AT - Income TaxComputation of deductible income u/s 10(29) - computation after excluding depreciation as part of the expenditure and taking gross receipts from warehousing and CFS/ICD or not - Held that:- Depreciation was an allowance and not expenditure. The Ld. CIT (DR) has not been able to displace the ratio of these cases. Thus, on consideration, we find that for the purpose of Section 10(29) depreciation does not par take the character of expenditure for the purposes of apportionment. Therefore, we are in agreement with the findings of the Ld. CIT (A) on this issue and we decline to interfere. See Vishnu Anant Mahajan vs. ACIT [2012 (6) TMI 297 - ITAT, Ahmedabad]. Appeals of the Department dismissed.
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