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2013 (6) TMI 398 - AT - Income TaxExport receivables on account of agency commission - whether do not form part of export turnover eligible for claiming exemption u/s. 10A? - Held that:- As decided in Gem Plus Jewellery India Ltd [2010 (6) TMI 65 - BOMBAY HIGH COURT] export turnover in numerator must have same meaning as export turnover which is a constituent element of total turnover in denominator. Also see CIT Vs Genpact India [2011 (11) TMI 119 - DELHI HIGH COURT] wherein relying upon the decision of Gem Plus Jewellery India Ltd. (supra) directed the AO to exclude expenses out of total turnover for computing eligible deduction u/s. 10A. Thus accepting the alternative plea of the assessee direct the AO to recompute the allowable deduction u/s. 10A after excluding the expenses from the total turnover. Depreciation relating to fixed assets of Wada unit disallowed - Held that:- The assets are part of the business of the assessee. In order to be entitled to claim depreciation, asset is to be owned by assessee and it is also to be used for purpose of business or profession, but expression "used for the purpose of business", when applied to block of assets, would mean use of block of assets and not any specific item in the block of assets as individual assets lose their identity once they become part of block of assets. Thus Considering the facts of the case in the light of the above observations in CIT Vs Bharat Aluminium Co. Ltd. [2009 (10) TMI 505 - DELHI HIGH COURT] AO directed to allow the claim of depreciation as per law.
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