Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (10) TMI 284 - AT - Income TaxDepreciation on a higher rate - commercial vehicle - Held that:- As per the notification no.10/2009 dated 19 January 2009 issued by the CBDT a vehicle purchased during the specified period and put to use before the 1st October, 2009 is eligible for depreciation at higher rate i.e. 50%. In the CBDT Circular there is no mentioned that the vehicle needs to be registered with the RTO under the category of commercial vehicles. Therefore, we are of the view that the assessee is eligible for the depreciation on a higher rate. We also note that in the identical facts and circumstances this Tribunal in the case of Shree Balaji Products (2016 (11) TMI 443 - ITAT AHMEDABAD) has decided the issue in favour of the assessee. Disallowance of interest expenses - sufficiency of own funds - Held that:- From the submission of the assessee it appears that own fund of the assessee exceeds the amount of money advanced/invested without any interest income. Therefore, inference can be drawn that the own fund has been invested as discussed aforesaid. However, we feel that the balance sheet for the year under consideration is essential for adjudicating the issue on hand. Therefore we are inclined to sent back issue to the file of AO for fresh adjudication with the direction to check whether the own fund of the assessee exceeds the amount of money advanced/invested without charging any interest income. - Decided in favour of assessee for statistical purposes.
|