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2019 (6) TMI 1625 - AT - Income TaxApplicability of Explanation 10 to Section 43(1) - amount was released as grant and latter it was treated as loan in terms of G.Odepreciation on the assets acquired out of the amount granted by the Government of Tamilnadu, Disaster Management and Mitigation Department - CIT(A) erred in giving relief to the assessee by treating the impugned receipt in question as interest free loan and allowing the depreciation claim against assets acquired from the said receipt despite the Tamil Nadu Government G.O. dated 18.07.2005 classifying it as Gran - HELD THAT:- The amount was received from Government of Tamil Nadu originally in the form of grant and subsequently it was classified as interest free loan vide G.O. (Ms) No.22, dated 03.02.2016. Therefore, this amount cannot be treated as grant attracting Explanation 10 to Section 43(1) of the Act. In the circumstances, the order of the ld. CIT(A) is based on the proper appreciation of evidence on record. We do not find any perversity in findings of the ld. CIT(A) - Decided against revenue.
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