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2013 (12) TMI 641 - AT - Income TaxAddition on account of unexplained cash credits – Held that:- The person from whom amount was received admitted to have only one concern “Deepak Corporation” – Whereas Ruchita Enterprise and Antima Corporation were operated by him for and on behalf of the assessee alone – Observation of bank accounts presented by the assessee shows that the person has given false statement – The assessee should be given chance for cross examining the person – The issue set aside for fresh decision. Disallowance of bad debts written off – Held that:- Following CIT v. Shreyas S.Morakhia [2012 (3) TMI 103 - BOMBAY HIGH COURT] - The brokerage having been credited to the profit and loss account of the assessee, it is evident that a part of the debt is taken into account in computing the income of the assessee - Since both form a component part of the debt, the requirements of Section 36(2)(i) are fulfilled where a part thereof is taken into account in computing the income of the assessee - The deduction should be allowed only to the extent of the debts as reduced by the value of shares in the hands of the assessee - Decided in favor of the assessee. Deduction on account of repairs and maintenance charges of computers – Held that:- the amount paid is capital in nature – The depreciation at the rate of 30% is allowed on the amount - The remaining amount will be allowed as depreciation in later years – Decided against assessee.
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