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2018 (1) TMI 853 - AT - Income TaxDifference of income as per Income & Expenditure account and form no. 26AS - Held that:- On perusal of Computation of Income it is seen that appellant has added interest credited to corpus fund/earmarked funds and thus over and above interest credited to Income and expenditure account of ₹ 96,94,906/- (Rs.6,99,706/- Savings Bank Interest + ₹ 89,95,200/- Interest from corpus fund), it has offered to tax further interest of ₹ 1,13,03,857/- (25% of interest received and considered in corpus fund) and thus it has offered to tax total interest of ₹ 2,09,98,763/- which is much higher than interest income of ₹ 1,81,76,676/- worked out by assessing officer based on TDS as per Form 26AS. In view of these facts, assessee's contention is acceptable. Therefore, no amount is required to be added to the returned income. In our considered opinion, ld. CIT(A) has rightly granted the relief to the assessee. Disallowance of depreciation on assets purchase out of grant received u/s.35AC towards depreciation in respect of Infrastructure facility developed by cardiac and cancer facility - Held that:- The appellant is eligible for depreciation on the assets purchased out of the donation received u/s.35AC of the Act. Revenue appeal dismissed.
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