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2017 (2) TMI 334 - AT - Income TaxDepreciation treated as expenditure in context to section 14A - disallowing Depreciation Allowance under rule 8D read with section 14A - Held that:- The depreciation is a notional expenditure which is provided on the fixed assets. The depreciation is not out of pocket cost. It has not been incurred during the assessment year. Section 14A clearly speaks about the expenditure incurred in relation to earning exempt income which do not form part of the total income. Thus it is clear that the depreciation is a statutory allowance u/s. 32 and it is not expenditure in context to section 14A. SEE Vishnu Anant Mahajan vs. ACIT [2012 (6) TMI 297 - ITAT, Ahmedabad ] - Decided in favour of assessee
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