Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (2) TMI 893 - AT - Income TaxAddition on account of interest free loan given to sister concerns - assessee's justification to “business expediency” and to provide necessary details regarding business purpose behind investing money in sister concerns - Held that:- As decided in assessee's own case issue concluded by the decision passed by this Court in The Pr. Commissioner of Income Tax (Central), Ludhiana v. Shri Satish Bala Malhotra, Legal Heir of Shri Ashok Kumar Malhotra, Prop. M/s Modern Publishers, MBD House, Railway Road, Jalandhar [2017 (4) TMI 1330 - PUNJAB & HARYANA HIGH COURT] whereby the questions have been decided against the revenue. Depreciation in respect of copier unit and paper unit - AO disallowed the claim of depreciation of the assessee by observing that the assessee had made the claim for deduction of depreciation without filing the revised return - Held that:- In the present case, it is an admitted fact that the assessee inadvertently could not claim the depreciation in computation of income. However, that claim was made in the tax audit report attached with the income tax return which was available on the record. Therefore, the CIT(A) rightly directed the AO to allow the depreciation claimed by the assessee by following the judgment of CIT Vs Ramco International (2008 (12) TMI 413 - PUNJAB AND HARYANA HIGH COURT). No valid ground to interfere with the findings of the CIT(A).
|