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2017 (6) TMI 1077 - AT - Income TaxSustaining the deduction made by A.O. on account of Back ended Capital Investment Subsidy out of the cost of Plant and Machinery and cold storage building - Held that:- The Hon’ble Rajasthan High Court in assessee’s own case for A.Y. 2005-06 has approved the findings of the Coordinate Bench that the AO was not justified in reducing the amount of subsidy from the costs of the assets from AY 1999-2000 but such subsidy is liable to be reduced in AY 2007-08 and in fact has been adjusted in AY 2007-08. Respectfully following the jurisdictional Hon’ble Rajasthan High Court decision as referred supra, the ground taken by the assessee are dismissed. Classification of cold storage building and resultant rate of depreciation - Held that:- The same issue is covered in favour of the assessee by the decision of Coordinate Bench for A.Y. 2005-06 wherein cold storage building have been held as “plant” for the purposes of claiming depreciation. Hence the depreciation @ 15% on cold storage building as claimed by the assessee is sustained.
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