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2015 (1) TMI 700 - HC - Income TaxDepreciation claimed on the cylinders - asset not in use in the previous year - Tribunal allowed the claim - Held that:- Tribunal has considered the decision in the case of Pepsu Road Transport Corporation (2001 (9) TMI 65 - PUNJAB AND HARYANA High Court ) and was justified in in coming to the conclusion that that cylinders are business assets of the assessee and are to be first filled with gas and sending these cylinders for the purpose of filling of gas itself is for the purpose of business. Thus considering the facts of the present case wherein the gas cylinders were used for business purpose as when needed, we find that the Tribunal has rightly considered that as the cylinders were filled and kept ready for use of business purpose, depreciation ought to have been allowed. - Decided in favour of the assessee. Addition made on account of closing stock - Tribunal deleted the addition - Held that:- As relying on ALLIANCE INDUSTRIES Versus INCOME TAX OFFICER [2014 (11) TMI 935 - GUJARAT HIGH COURT] we answer the question in favour of the assessee. - Decided in favour of the assessee.
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