Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (11) TMI 1760 - ITAT INDOREDeduction claimed u/s 80IB(11A) denied - assessee has not fulfilled the conditions as prescribed in the Act - assessee’s claim that hiring Riksha will suffice the conditions of integrated business of transportation with handling and storage - Held that:- Deduction u/s 80IB(11A) is available to undertakings who are deriving profit from the integrated business of handling, storage and transportation of foodgrains. Thus, the facilities of transportation, handling and transportation must exist as an integrated business and the undertaking must derive profit from such business. Transportation by hiring lorry or thela will not generate profit. The benefit must be from integrated business including transportation. The assessee’s claim that hiring Riksha will suffice the conditions of integrated business of transportation with handling and storage shall not be sufficient. Rather it will go against the very spirit of the Act. This deduction is available only on the profit derived from the integrated business of handling, storage and transportation of foodgrains. No merit in the pleading of the assessee and sustain the orders of the authorities below. - Decided against assessee. Depreciation on the building and warehouse - assessee did not claim depreciation on the building - Held that:- The assessee claims that the audited balance sheet of the assessee shows the addition of warehousing building to its assets at ₹ 1,78,62,323/- and also shows rental income from FCI and Cargil India Private Limited and the tax has been deducted from the rent, therefore, in our view, the assessee is entitled to depreciation on warehousing - Appeal of the assessee stands partly allowed.
|