Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (1) TMI 163 - AT - Income TaxDepreciation claim - put to use - whether the assessee was entitled to depreciation at half the normal rates, even though asset in respect of Deltron Unit was acquired and put to use on 1.10.2004; because the assessee had itself claimed depreciation on assets other than building at half of the normal rates? - Held that:- No merit in the claim of the appellant that depreciation is to be allowed for the entire year particularly having regard to the fact that assessee itself had chosen to claim depreciation for half of the year for all assets other than the building. The assessee has also not placed on record any evidence to substantiate when was the building occupied/put to use by the appellant company. In such regard, the conclusion as drawn by both the Assessing Officer and CIT(A) is in order and therefore, it is directed that the depreciation is to be allowed only for half of the year and not for the entire year. - Decided against assessee Disallowance of 50% of boarding and lodging expenses in respect of foreign travelling - Held that:- In the instant case, the assessee claimed foreign and travelling expenses of ₹ 20,33,758/-. The Assessing Officer has noted that during the assessment proceedings, the assessee could not furnish bills and vouchers in respect of boarding and lodging expenses aggregating to ₹ 6,32,295/- and as such, disallowed 50% of the expenditure and computed the disallowance at ₹ 3,66,148/-. It is thus apparent that Assessing Officer has not disputed the genuineness of the expenditure on an individual specific level. The travelling expenses have also been allowed in entirety other than above disallowance of boarding and lodging disallowance in an adhoc manner on the ground that supporting explanation were not furnished. We do not find merit in such a manner and the method of the disallowance. The Assessing Officer neither having identified, highlighted the specific items in respect of which, disallowance has been made by him, the adhoc disallowance so made is deleted - Decided in favour of assessee
|