Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (11) TMI 1303 - HC - Income TaxDenying benefit of investment allowance/development rebate - assessee has not stated and is not able to establish and show that the machinery had continued to be in use for a period of eight years - Held that:- There is no evidence or material on record and it is not even the claim of the appellant-assessee that Raja Singh had continued to use the said machinery for the balance period to satisfy the mandate of Section 35A of the Act. In fact, no such contention or claim was made before the Assessing Officer and the appellate authorities. This being the position, we do not even know whether or not the machinery had remained in the custody and use of Raja Singh for the period of years as per requirements of Section 35A of the Act. In the absence of even a claim or assertion to the said effect, the appellant-assessee cannot succeed. Assessing Officer had rightly withdrawn benefit of the investment allowance/development rebate by passing an order under Section 155(4A) of the Act, once he came to know that machinery of value of ₹ 5,20,838/- on which the investment allowance/development rebate of ₹ 1,30,210/- was claimed and allowed was “transferred”. In the absence of even oral assertion that Raja Singh had continued using and operating the machinery, the appeal must fail. - Decided against assessee.
|