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2010 (1) TMI 909 - AT - Income TaxIncome escaping assessment u/s 147 / 148 - Depreciation - Assessing Officer completed the assessment by disallowing the claim of depreciation on stock exchange card - Held that:- In fact the Jurisdictional High Court has upheld the view of the A.O. The reopening was within 4 years and there is no order passed u/s 143(3). The reason recorded is a possible reason and can be said to be a reason which can lead to the A.O. to believe that income has escaped amount. Thus we are unable to accept the contention of the assessee and hold that the reopening is valid in law. - assessee is not entitled to depreciation on Bombay Stock Exchange card [Techno Shares and Stocks Limited (2006 -TMI - 99594 - ITAT of Mumbai] Disallowances on account of software expenses, business promotion expenses and amortization of investments - assessee had given certain advances i.e. 30% for development of software - copy of the bill is placed in the paper book and a perusal of this copy reflects that this is simply an advance - Held that:- expenditure has been incurred wholly and exclusively for the purpose of business, and as the amount paid is loss, it is a business loss and hence the claim of the assessee should be allowed.
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