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2012 (3) TMI 116 - AT - Income TaxTea Development Account - Deposits under NABARD - Amount withdrawn and Fixed Assets purchased - AO denied depreciation - CIT(A) allowed claim on Goodrick Group Limited - Held That:- There is no restriction on account of allowability of depreciation on the assets purchased out of withdrawal from NABARD. Disallowance of Cess on green leaves the cess was paid only for agricultural operation and agricultural income - Held That:- in view of AFT Industries (2004 - TMI - 10894 - CALCUTTA High Court), deduction allowed. Disallowance in respect of exempt income - Dividend income credited - CIT(A) reduced the additions from Rs 22,404 to Rs 5,000 - Held That:- Rule 8D is applicable for and from assessment year 2008-09 and prior to that the Assessing Officer can make estimate in the given facts and circumstances. Hence, we restrict the disallowance to 1% of dividend income and direct the Assessing Officer to calculate the expenditure on that basis. Reliance placed on Godrej Boycee Boycee Mfg. Co. Ltd (2010 -TMI - 78448 - BOMBAY HIGH COURT)
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