Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (5) TMI 1585 - ITAT MUMBAIDepreciation - Whether the acquisition of gala at Mumbai should be included in the block of assets - Whether the assesse is entitled for depreciation - Held that:- AR himself had fairly considered that assessee was not entitled to claim depreciation - allotment letter from developer is equal to acquisition of an asset-is not tenable, especially when it had not submitted the basic documents like approval of Municipal/ Panchayat authorities approving the plan of the proposed gala or the commencement certificate - it would not entitle the assessee to claim benefit of section 50 - as it has claimed deduction for non-existent asset - Decided against the assessee. Disallowance of set off of brought forward losses - Held that:- as per the provisions of section 74 of the Act brought forward losses from long-term capital asset could be set off only against long-term capital gains, that there was no provision for allowing set off of brought forward losses, arising out of transfer of long-term capital assets, against STCG - as per AO STCG could not be treated as profit and gains of business or profession - that brought forward business losses could not be allowed to be set off against STCG - issue of carry forward of loss needs further verification by the AO - appeal stands partly allowed
|