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2011 (8) TMI 320 - HC - Income Tax100% depreciation on partitions and structures - Temporary in nature - the decision in (Commissioner of Income Tax Vs. Madras Auto Service P. Ltd.)(1998 -TMI - 5686 - SUPREME Court) and in (Commissioner of Income Tax Vs. Ayesha Hospitals P. Ltd.) (2006 -TMI - 13457 - MADRAS High Court ), this Court held that the assessee was entitled to 100% depreciation on the false ceiling and wooden partition inclusive of furniture, electrical wiring and interior decoration - the assessee put up temporary wooden structure and partition for running computer centres. - 100% depreciation allowed. Deduction of non performing assets - The decision of the Apex Court in VIJAYA BANK v. CIT, (2010 -TMI - 75617 - SUPREME COURT) the Apex wherein it was held that after insertion of explanation to Section 36(1)(vii), the assessee is required not only to debit the profit and loss account but simultaneously also reduce loans and advances or the debts from the assets side of the balance sheet to the extent of the corresponding amount so that, at the end of the year, the amount of loans and advances/debtors is shown as net of the provisions for the impugned bad debt - Thus, the Apex Court held that the assessee was entitled to the benefit of deduction under Section 36(1)(vii) of the Act as there was an actual write off by the assessee in its books - Decided in favour of assessee.
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