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2009 (5) TMI 601 - AT - Income TaxDisallowance of the foreseeable losses - disallowance on account of expenditure on computer software - reducing unabsorbed depreciation of earlier years while computing 'profits from the business' when granting deduction u/s 80HHE. - Held that:- Decision of the ITAT in the case of Metal Box Company Of India Limited Versus Their Workmenand (1968 - TMI - 39936 - SUPREME Court) the contention of the assessee regarding allowability of foreseeable loss is accepted in principle. However, the issue is restored to the file of A.O., for the purpose of quantification and calculation of the said loss. Disallowance on account of expenditure on computer software. - Held that:- the issue is set aside to the file of the A.O., for fresh adjudication, in the light of the Special Bench decision in the case of Amway India Enterprises. Versus Deputy Commissioner Of Income-tax, Circle - 1(1), New Delhi. (2008 - TMI - 64346 - ITAT DELHI), after affording proper and reasonable opportunity to the assessee. Reduction of Unabsorbed Depreciation of Earlier Years. - Held that:- deduction under Chapter VIA are to be allowed only on net income and not on gross income. The net income is to be computed after giving full effect to the provisions of sections 80AB, 32, 70, 71 & 72 of the Act. decided against Assessee.
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