Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (10) TMI 1424 - ITAT MUMBAI

2015 (10) TMI 1424 - ITAT MUMBAI - TMI - Depreciation of school building, labour huts, store building etc. - Held that:- The assessee constructed/completed a big project of Rajasthan Housing Board. As per the agreement the assessee was to construct certain assets/buildings like school, labour huts at the site to stay for labour and store building to keep the material at site, site office building etc. The same were handed over to the Rajasthan Government. The assessee written of the assets by cl .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

these facts, we affirm the stand of the ld. Commissioner of Income Tax (Appeals) on this issue in granting relief with respect to claim of depreciation, thus, the appeal of the Revenue is having no merit.

Addition made on accrued interest on fixed deposit - AO disallowed a sum on the ground that the accrued interest on F.Ds was not accounted for in the books of accounts by the assessee - Held that:- If the observation made in the assessment order, leading to addition made to the tota .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

n the assessment year 2010-11 and the Bank along with interest credited the income for which the assessee declared the same in his profit & loss account on maturity and offered the income on such interest in the assessment year 2010-11. There is no loss to the Revenue since the interest was offered as income. Thus, this appeal of the assessee is allowed and the addition so made is deleted. - Decided in favour of assessee. - ITA No. 5292/Mum/2012, ITA No. 4993/Mum/2012 - Dated:- 1-6-2015 - Jogind .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

, store building etc. the crux of arguments advanced by Shri Premanand J. ld. DR is identical to the ground raised by submitting that these assets were not owned by the assessee and further the agreement with the Rajasthan Housing Board does not mention such construction. On the other hand Shri Prakash K. Jotwani, ld. counsel for the assessee defended the conclusion arrived at in the impugned order. 2.1 We have considered the rival submissions and perused the material available on record. If the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e income at ₹ 1,11,52,260/-. A sum of ₹ 16,07,503/- was disallowed by the Assessing Officer on the ground that 100% depreciation on the school building, labour huts and store building etc. is not available to the assessee. The assessee constructed/completed a big project of Rajasthan Housing Board. As per the agreement the assessee was to construct certain assets/buildings like school, labour huts at the site to stay for labour and store building to keep the material at site, site of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

llment by claiming 50% depreciation in two different assessment year when the project was in existence. In view of these facts, we affirm the stand of the ld. Commissioner of Income Tax (Appeals) on this issue in granting relief with respect to claim of depreciation, thus, the appeal of the Revenue is having no merit, consequently, the appeal is dismissed. 3. Now we shall take up the appeal of the assessee (ITA No. 4993/Mum/2012), wherein confirming the addition of ₹ 11,62,358, made on acc .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version