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2014 (1) TMI 746 - AT - Income TaxAddition on account of notional interest on security deposit Held that:- Following Advacado Properties & Trading (I) Pvt. Ltd. [2011 (2) TMI 1299 - ITAT MUMBAI] - the addition on account of notional interest on security deposit for computing the annual value of the property Decided in favour of Assessee. Disallowance on account of claim of depreciation Held that:- Following Allied Electronics and Magnetics Ltd. V. DCIT [2007 (2) TMI 213 - DELHI HIGH COURT] - depreciation cannot be granted for the plant and machinery which has not been actually used in the business of the assessee One of the conditions for allowing deduction u/s 32, is that the machinery must have been used for the purposes of the business during the previous year in which the machinery is sold, discarded, demolished or destroyed Decided against Assessee. Disallowance of interest expenditure Held that:- Following M/s Marchon Textiles Industries P. Ltd [2014 (1) TMI 384 - ITAT MUMBAI] - the claim of the assessee allowed by noting that non- utilisation of interest bearing funds for giving interest free advances cannot be the basis for such disallowance Decided against Revenue.
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