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2021 (7) TMI 724 - AT - Income TaxDisallowance on account of payment of education fund - allowable business expenditure - HELD THAT:- The issue is covered against the Revenue by the decision of the Tribunal in the case of Surat National Co-operative Bank Ltd [2013 (8) TMI 1116 - ITAT AHMEDABAD] as held expenditure incurred for purchase of articles for presentation only to its members for keeping alive good image among members and for generating goodwill and ensuring continuity of business with member societies was geld to be expenditure incurred wholly and exclusively for the purpose of business. - Decided in favour of assessee. Disallowance of investment depreciation - HELD THAT:- As decided in own case as per the working filed, the assessee way back in AY 2012-13 had claimed investment depreciation loss (shown in schedule 17 of provisions & contingencies). This market to make loss was reduced in AY 2013-14 and after reducing the outstanding loss from investment depreciation claimed in earlier year, the assessee was required to pay tax only being eligible profit for taxation and therefore, the assessee has rightly claimed the amount as investment depreciation loss instead of the entire amount CIT(A) has verified the working submitted by the assessee before him during appellate proceeding and after analyzing the same has allowed the claim. These facts are remained as uncontroverted before us by the Revenue. In view of this matter, we do not find any infirmity in the order of Ld. CIT(A), accordingly, same is upheld. Accordingly, this ground of Revenue is therefore, dismissed.
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