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2011 (3) TMI 426 - ITAT, MUMBAIDepreciation - Set off and carry forward of losses - The fact that it was paying the professional fees and running its branch office indicates that the assessee intended to continue in business and it can at best be considered as a mere lull in the business activity - When there is a business activity depreciation claimed by the assessee ought to have been allowed particularly when it is part of the block of the assets - the main contention of the assessee with regard to the claim of deduction towards depreciation was not properly considered and the alternative contention with regard to set off of brought forward losses and the further contention urged at this stage were also not considered by the tax authorities - Since the learned Counsel, appearing on behalf of the assessee, has raised various issues with regard to claim of depreciation and also the alternative contention as to the claim of set off of the brought forward business losses or the non-taxability of the income accrued in the form of exchange fluctuation - Decided in the favour of assessee by way of remand
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