Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (9) TMI 132 - HC - Income TaxDisallowance of depreciation on car parking at Ansal Plaza - absence of registered title in favour - Held that:- As decided in Mysore Minerals Ltd. Versus CIT [1999 (9) TMI 1 - SUPREME COURT] that the intention of the Legislature in enacting section 32 would be best fulfilled by allowing deduction in respect of depreciation to the person in whom for the time being vests the dominion over the building and who is entitled to use it in his own right and is using the same for the purposes of his business or profession - in favour of assessee. Addition on payment towards an unrecognized Provident Fund Trust - ITAT deleted the addition - Held that:- A reading of the letter dated 25.08.1976 would indicate that apparently no express approval by the Provident Fund Commissioner to the scheme formulated by the assessee had been actually taken into account by the income tax authorities at the relevant time but in 12 successive assessments, the authorities accepted its position that the scheme was a recognized one - As the tax implication in the present case is far below the prescribed limit of Rs. 10 Lakh as the demand or disallowance itself was Rs. 9,08,359/- and the tax payable on that would be roughly around 1/3rd of the said amount the Court is of the opinion that no interference is called for the appeal is consequently dismissed.
|