New User/ Regiser
Our 10 Services are Free
Register to get Live Demo
2016 (4) TMI 1296 - AT - Income Tax
Depreciation on fixed assets - non-commencement of business - not able to prove how the assets utilized by when no business was carried on by it. - Held that:- Liquor business is on a different footing than other business activities. It is undisputed before me that under Section 60 of the Uttar Pradesh Excise Act, carrying on trade in liquor without licence is punishable with imprisonment. - We are of the view that since assessee has not conducted any business or profession during the year under consideration, therefore, authorities below were justified in not granting depreciation and deduction on account of expenditure. The appeal of the assessee fails and is dismissed.