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2012 (8) TMI 554 - AT - Income TaxDepreciation on electrical fittings - Held that:- CIT(A) rightly pointed that items in the list are not like furniture and fittings but they are integral part of plant and machinery as the items listed are insulators, LT panel, CT coils, electrodes, MCC panels, generator set etc., which form an integral part in operation of the plant and machinery. We do not find any infirmity in the order of the CIT(A) and uphold the same. Depreciation allowed. Deduction u/s 80HHC - Revenue contended exclusion of total interest income, credit balances written back, sales tax refund and processing charges, etc., from eligible business profits on ground of being not directly derived from the industrial undertaking - Held that:- Tribunal in assessment of earlier year held that 90% of the gross amount of interest was liable to be deducted from the business profit of the assessee for the purpose of deduction u/s. 80HHC and the amount of interest paid by the assessee could not be deducted from gross interest. What has been said about interest is clearly applicable to the other items of income included in the computation under the head profits and gains of business or profession. Same has been held for current year Reduction of 80IA relief from the eligible business profits for computing relief u/s. 80HHC - Held that:- Deduction u/s. 80HHC is to be allowed on profit and gain as reduced by the deduction claimed and allowed u/s. 80IB/80IA. See ACIT vs. Hindustan Mint and Agro Products (P) Ltd.(2009 (6) TMI 124 - ITAT DELHI-C). Matter set aside to the file of the CIT(A) to adjudicate this issue in the light aforesaid decision Deduction u/s 80HHC - exclusion of excise duty and sales tax from total turnover for the purpose of deduction - Held that:- Since excise duty and sales tax did not involve any such turnover, such taxes had to be excluded. See CIT vs. Lakshmi Machine Works (2007 (4) TMI 202 - SUPREME COURT) - Decided in favour of the assessee
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