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2012 (10) TMI 657 - AT - Income TaxRe-valuation of assets - Addition on account of Media Library - Alleged that intangible assets by way of media library are in the nature of stock or scrap generated in the course of business, which have a commercial value – assessee has increased the value of stock without crediting it to profit and loss account by way of increase in the value of the stock - whether this amount is assessable as income in this year – Held that:- Re-valuation of assets in the books of the assessee does not lead to generation of income as no transaction has been taken up with an outside party - value admittedly is an artificial value because this work-in-progress is un-sellable even now though there is a possibility of getting some amount, may be even large amount, in some future date if some buyer finds interest in these items - assets for the purpose of income-tax shall continue to be grouped as stock-in-trade at nil value. Since no value has been realized in respect of this stock-in-trade - nothing can be taxed in this behalf in this year. Disallowance of amount written off by the assessee in the books – alleged that assessee is unable to substantiate as to how this amount is deductible in computing the income – Held that:- Although certain deductions were claimed, the evidence regarding admissibility was not furnished either before the AO or the ld. CIT(Appeals) - it is not necessary to restore the matter to the file of the AO - amount is not deductible in absence of any supporting evidence
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