Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (11) TMI 1155 - AT - Income TaxDisallowance of depreciation on assets under finance lease - HELD THAT:- As decided in own case [2019 (6) TMI 660 - ITAT BANGALORE] we set aside the issue to the file of the AO for fresh adjudication in accordance with law. The assessee is directed to produce copies of those agreements which the AO may call for. The AO shall examine these agreements and if the terms & conditions mentioned in these agreements are similar to the terms and conditions mentioned in the agreements considered by the Hon’ble Supreme Court in the case of ICDS Ltd [2013 (1) TMI 344 - SUPREME COURT] and if there are no material variations in the contracts, then depreciation has to be granted to the assessee as claimed. Thus we are inclined to remit the issue to the file of Assessing Officer for fresh decision with similar directions. Not allowing set-off of brought forward depreciation loss - HELD THAT: AO has passed the Order giving effect to the Tribunal Order for the AYs 2008-09 [2014 (12) TMI 890 - ITAT BANGALORE] wherein the AO has provided carry forward of cumulative losses. Further the same has also been utilized against the total income in the draft OGE to Tribunal order passed for the AYs 2011-12 [2019 (6) TMI 660 - ITAT BANGALORE] In view of the above, the assessee is eligible as per the Order giving effect passed for earlier years to claim the set off of brought forward depreciation loss from prior years. Accordingly the AO is directed to allow the brought forward depreciation loss. TP Adjustment - payment of fees for administrative support services - as submitted bundled approach for benchmarking should be accepted - HELD THAT:- This issue came up for consideration in assessee’s own case in AY 2015-16 [2021 (4) TMI 1361 - ITAT BANGALORE] we hold that payment of administrative and marketing support services is part of the operating cost, no separate adjustment is warranted. This ground of the assessee is partly allowed.
|