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2014 (1) TMI 330 - AT - Income TaxDisallowance of depreciation on fixed assets u/s 32 of the Act - Disallowance of carry forward of business loss and unabsorbed depreciation – Held that:- Following CIT Vs. Institute of Banking Personnel [2003 (7) TMI 52 - BOMBAY High Court] - the depreciation is allowable even on those assets which have been allowed as deduction when the assets was purchased for the purpose of computing application of income - this doesn't amount to double deduction but computing of applicable income only - The claim of depreciation is allowable even on those assets which have been allowed as deduction when the assets was purchased for the purpose of computing application of income of the Society – Decided against Revenue.
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