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2014 (10) TMI 103 - HC - Income TaxClaim of depreciation on intangible assets u/s 32(1)(ii) – Pre-operative expenses and SEBI registration fees – Held that:- The claim of depreciation was raised in the AY 2003-2004 - The Assessee claimed that it is allowable as per the provisions of Income Tax Act on block of assets under the head "intangible assets" – Tribunal held that when the AO had to allow depreciation on the written down value of the block of assets, then, it cannot in the present AY dispute the opening written down value of the block of assets nor can he examine the correctness or otherwise of the opening written down value brought forward from the earlier year - The order u/s 143(3) for the AY 2003-2004 continues to operate and no proceedings under the Act were initiated to disturb the same - what comes within the purview of Section 32 (1) (ii) and whether the department was right when it allowed the depreciation on the basis or foundation for the earlier assessment years need not be gone into – the department has allowed the depreciation as claimed with regard to these fees - Decided against revenue.
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