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2014 (1) TMI 882 - AT - Income TaxDisallowance of depreciation on block of assets u/s 32 of the Act - Whether the assets used for the purpose of business or not - Held that:- To claim depreciation the assessee shall be the owner of the assets and put into use the assets during the relevant assessment year - The assessee itself has not carried out any business and no evidence has been placed that the assessee has carried on the business - The financial statement filed by the assessee for FY 2002-03 relevant to AY 2003-04 also shows no commercial activities and the Directors report also confirmed the same fact - Though the assessee owned the assets, it was not actually used and there is not even passive usage of the assets on which the assessee claimed depreciation - the order of the CIT(A) upheld for confirming the order of the Assessing Officer in disallowing loss including depreciation loss – Decided against Assessee.
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