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2013 (12) TMI 775 - AT - Income TaxHead of income under which to be taxed - Held that:- The assessee had not offered the income, on sale of conversion of assets in to stock-in- trade, as per the provisions of section 45(2) of the Act - AO also did not consider the said provisions while finalising the assessment - The issue was restored for fresh adjudication. Denial of deduction u/s 80HHC - Held that:- The assessee has exported the moulds - The assessee cannot be denied the benefit of section 80HHC of the Act on export proceeds of moulds - The issue was restored for fresh adjudication. Depreciation on mould purchased - Held that:- Moulds were ready for use and depreciation is allowable even if assets were not using during the year under consideration - This aspect has not been looked into by the AO/FAA - If moulds were available to be used, AO should allow the depreciation as per the provisions of the Act - The issue was restored for fresh adjudication.
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