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2013 (11) TMI 1443 - HC - Income TaxDepreciation - Held that:- Following assessee's own case - Depreciation is allowed on all the trucks as the trucks were given to hirers on the same date when they were purchased and taken delivery - Decided against Revenue. Hiring receipts - Held that:- The assessee is liable to tax only in respect of the income part. The assessee has rightly shown 50% of the amount received as assessee has received 50% towards purchase price and 50% towards lease income - Decided against Revenue. Unexplained cash credit - Held that:- The assessee has not taken any deposits from the said 5 parties but has made repayment of deposits taking in the earlier years - The repayment was made by cheques - The repayment cannot be said to be unaccounted payment on the part of the firm - In the absence of any contrary material brought on record by the revenue against the aforesaid finding of the learned CIT(A) - Decided against Revenue.
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