Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (5) TMI 968 - AT - Income TaxAddition on written off valuation of work in progress under the head computer kit - Held that:- It is undisputed fact that in IT industries technology becomes obsolete frequently, accordingly, the assessee has to take decision to use the items. The assessee is engaged in manufacturing of hybrid micro circuits by upgrading the technology. It is a business decision of the assessee after considering the report from the surveyor, which has been filed before the lower authorities but has not judiciously appreciated by them. In subsequent year, the ld Assessing Officer allowed the identical write off on account of obsolete FCT kits, computer. Therefore, we delete the addition confirmed by the ld CIT(A) - Decided in favour of assessee
|