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2016 (4) TMI 741 - HC - Income TaxAllowance of depreciation after applying net profit rate - Held that:- Neither before the Assessing Officer or before the Commissioner of Income Tax (Appeals) or before the Tribunal, the appellant referred to the balance-sheet to contend that he should have been allowed depreciation after applying net profit rate. Once the Assessing Officer has found that net profit rate has been applied @12% after depreciation, one can infer that the Assessing Officer was conscious of the depreciation claimed by the assessee. Even if it was not so, the appellant has not made a grievance before the Commissioner or before the Tribunal to claim depreciation after applying the net profit rate. Since no argument was raised or examined by the authorities under the Act, the appellant cannot be permitted to raise a question of fact in an appeal before this Court for the first time. - Decided against the assessee
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