Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (12) TMI 940 - AT - Income TaxAccelerated depreciation - Held that:- Following assessee's own case for the A.Y. 2006-07 - As per Rule 5(2) of I.T Rules and the certificate (P.B-II) issued by the Ministry of Science and Technology, Department of Scientific & Industrial Research, New Delhi dated 15.6.2007 - Plant and machinery installed during the Financial Year 2005-06, are for improved design of tractors in the plant set up for the manufacture of agricultural tractors, Harvester combines and Industrial forklifts based on technology originally acquired from Central Mechanical Engineering Research Institute, Durgapur (CMERI) and improvements made thereon based on their own in house R&D efforts - Assessee satisfied the requisite conditions for accelerated depreciation and the revenue failed to bring evidence on record to rebut such evidences - Decided against Revenue. Repair and maintenance - Held that:- Following assessee's own case for the A.Y. 2006-07 - The expenditure was incurred by the assessee on renovation of floors, ceiling, painting etc. The expenditure is duly allowable in the hands of assessee being current repairs - The expenditure incurred on purchase of carpets being replacement of existing asst is an allowable expenditure - Such expenditure incurred by the assessee cannot be regarded as capital expenditure, where the claim is in the nature of repair and replacement - Decided against Revenue.
|