Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (4) TMI 665 - ITAT MUMBAIDepreciation on BSE card – Held that:- The decision in Sino Securities P. Ltd. Versus Income-tax Officer [2011 (11) TMI 535 - ITAT MUMBAI] and Sunidhi Consultancy Services Ltd. Versus Deputy Commissioner of Income-tax 4(2), Mumbai [2012 (4) TMI 392 - ITAT MUMBAI] followed - assessee received the shares in lieu of BSE Membership card then whatever written down value was standing in the books of account of the assessee has been received by the assessee by way of shares and therefore, no shortfall arises to be claimed as depreciation – Decided in favour of Revenue. Disallowance of loss of open positions in the future and options segment – Held that:- The decision in CIT Versus M/s Woodward Governor India P. Ltd. & M/s Honda Siel Power Products Ltd. 2009 (4) TMI 4 - SUPREME COURT] followed - loss suffered as on the date of balance sheet is an item of expenditure u/s 37(1) of the Act - No adverse findings have been given by the AO so far as the method of accounting employed by the assessee is concerned - There is also no finding of the AO that the assessee is not following the method of accounting employed during the year under consideration consistently - the AO is directed to allow the loss – Decided in favour of Assessee.
|