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2017 (3) TMI 1468 - AT - Income TaxHigher depreciation civil foundation work - Held that:- Civil structure and electric fitting, equipments are part and parcel of wind mill and depreciation on investment of such work should be allowed. CIT vs. K.K. Enterprises [2015 (2) TMI 508 - RAJASTHAN HIGH COURT] Not allowing the set off of loss on shares - Held that:- CIT(A) has rightly confirmed the action of the AO by not allowing the set off of loss on shares claimed as business loss by the assessee. Addition u/s 14A - Held that:- During assessment proceedings, the assessee explained that Section 14A are not applicable as some investments and advances wee interest bearing and also that the assessee had a share capital which adequately covers such advances and investment in shares. The AO did not agree with the submissions of the assessee as no details of availability of funds with details of investments and their linkage to own funds was provided. Therefore, the AO invoked the provisions of Section 14A of the Act made a disallowance which has been confirmed by the ld. CIT(A) in first appeal. Taking into consideration the facts, circumstances of the case and the written submission of the assessee, the assessee is directed to submit the details of investment made, own funds available and the availability of the same at the time of making investment relating to the linkage of the own funds before the AO. The AO is directed to provide adequate opportunity of being heard to the assessee in accordance with law
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