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2013 (3) TMI 146 - AT - Income TaxMonetary limit for filing an appeal before ITAT - revenue appeal - tax effect - nstruction No. 3/2011 issued on 09.02.2011 - held that:- At the time of hearing, ld. D.R. could not point out any exceptions mentioned in abovenoted circular in which the assessee’s case falls. Therefore, the Departmental appeal cannot be admitted. - Revenue's appeal dismissed. Bad Debts - Money lending business - held that:- the assessee’s contention of money lending has consistently been accepted by the Department and, therefore, in the absence of new facts being brought on record, on principle and consistency assessee’s claim was rightly accepted by ld. CIT(Appeals). Nursery expenses - revenue or capital expenses - held that:- the cost of planting bushes in replacement of bushes that have died or become permanently useless in an area already planted, has to be allowed provided such an area was not previously abandoned. - Decided in favor of assessee. Additional Depreciation - The assessee had advanced its claim on the ground that since assessee’s income was to be computed as per Rule 8 of the Income Tax Rules and 40% of the income was to be treated as income from business or profession, therefore, depreciation only to the extent of 40% was to be treated as actually allowed and to the extent the income was treated as agricultural income by virtue of the same being exempt, depreciation could not be deemed to have been actually allowed to the assessee for earning the agricultural income. - held that:- The Explanation has been inserted by Finance (No.2) Act w.e.f. 2009. It creates a deeming fiction affecting substantive computation provision determining actual tax liability. Therefore, ld. CIT(Appeals) has rightly treated it to be prospective. - Decided in favor of assessee.
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