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2017 (5) TMI 1479 - HC - Income TaxDepreciation on ‘DLF Centre’ which is partly self occupied by the Assessee - whether asset can be said to be stock in trade? - Held that:- It was clarified by Mr Ajay Vohra, learned Senior counsel appearing for the Assessee, that for the purpose of income tax when an audit report is presented by the Petitioner, the said asset is shown as part of a block of assets on which depreciation is claimed. According to him, therefore the treatment of the said asset for the purpose of accounts and for the purpose of calculating the tax is different and this is an accepted practice under the income tax law. The Respondent will file an affidavit clarifying the above position within two weeks with an advance copy to the counsel for the Revenue who is permitted to respond thereto before the next date of hearing. Rent receipt from DLF Centre which also includes air conditioning charges - ‘Income from House property’ or - ‘income from other sources’ - Held that:- The position that Assessee is not claiming the depreciation on the airconditioning plant to the extent it is used for letting out the air-conditioned building. Accordingly question (v) is answered in favour of the Assessee and against the Revenue by holding that the rent receipt from DLF Centre which also includes air conditioning charges is ‘Income from House property’.
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