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2008 (11) TMI 364 - PUNJAB AND HARYANA HIGH COURTBusiness Income – The assessee, in its business income, included income from commission and service charges. The Assessing Officer assessed this part of the income as income from other sources on the ground that the business of assessee was not to earn commission or to provide service. The assessee claimed depreciation to the extent of increase in price due to fluctuation in foreign exchange rate resulting in increase in the price of the machinery. The Commissioner (Appeals) allow the claim. The Tribunal held that income from commission and service charge was business income and it could not be treated to be income from other sources. Held that- it could not be held that merely because the assessee was a manufacturer, it could not have business income from commission or service charges. The assessee was entitled to deprecation on the increased cost.
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