Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (12) TMI 62 - HC - Income TaxTraveling expenditure on foreign travel of the Chairman's wife - business expenditure - held that:- the facts on the case on hand would show that the wife of the Chairman has nothing to do with the business of the company. At least if she is one of the Directors of the Company, then the arguments put forth by the respondent could have some force. - In our view, the decision of this Court in T.S. Hajee Moosa's case (1985 -TMI - 27501 - MADRAS High Court) would squarely apply to the facts of the case. - Decided in favor of revenue. Depreciation u/s 32 - lease - whether or not machinery have been supplied under lease - held that:- it is submission of the assessee that even if the assessee is not entitled for the claim under the head 'depreciation' they are entitled to 'business loss' under section 28 of the Income Tax Act since it is the contention of the revenue that the manufacturer has not supplied the assets to the lessee; for which, it is the reply of the the revenue that once the assessee has made a claim of depreciation on assets, which claim was disputed by the revenue, the assessee cannot alternatively make a claim under the head of 'business loss'. - the question is answered in favour of the revenue.
|