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2016 (10) TMI 1219 - BOMBAY HIGH COURTDepreciation on assets leased out - treatment of expenditure on construction of jetty at its cement plant in Gujarat as revenue in nature - deduction of provision for unforeseeable losses in valuing workinprogress of construction contracts - interest expenditure on capital borrowed - per-operative expenditure - mining development expenditure Held that:- Appeal admitted on substantial questions of law being Question No. (1). Whether on the facts and in the circumstances of the case and in law the Tribunal was correct in allowing depreciation on assets leased out, when the related transactions were purely financial transactions. Other questions / grounds, appeal of the revenue not entertained.
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