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2016 (7) TMI 1508 - ITAT LUCKNOWDeduction u/s 24 - income from house property or business asset - AO has disallowed the deduction u/s 24 on the ground that this property is business asset and the assessee has claimed depreciation thereon - HELD THAT:- Though the assessee has claimed that deduction u/s 24 of the Act should be allowed as he has claimed income from house property, but in the light of the fact that when the assessee has claimed depreciation on this business asset, it is of the view that the assessee cannot claim the property to house property as well as the business assets. Once it is an house property, the depreciation cannot be allowed but the assessee claimed depreciation on this property. Therefore, the deduction u/s 24 of the Act cannot be allowed as it can only allowed against the income from house property and not against the business income of the assessee. - Decided against assessee. Adhoc additions made by the AO without pointing out any specific defect in the maintenance of account. Since the addition on account of adhoc disallowances are not sustainable in the eyes of law, we delete the same after setting aside the order of the CIT(A). - Decided in favour of assessee.
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