Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

ACIT, Circle-12 (1) , New Delhi Versus Globe Capital Market Ltd.

2013 (6) TMI 829 - ITAT DELHI

ITA No. 2926/Del/2012 - Dated:- 28-6-2013 - S. V. Mehrotra (Accountant Member) And A. D. Jain (Judicial Member) For the Appellant : Satpal Singh, Sr. DR For the Respondents : Ved Jain, CA & Shri A. K. Agarwal, CA ORDER S. V. Mehrotra (Accountant Member) The Department has filed this appeal against the order dated 27.03.2012 of Ld. CIT(A)-XI, New Delhi for the assessment year 2008-09. 2. Brief facts of the case are that the assessee company is a member of National Stock Exchange and depositor .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

assessee. 3. Disallowance of ₹ 12,04,205/- on account of difference in rate of depreciation allowed by Assessing Officer @ 15% as against of 60% claimed by the assessee in regard to computer software. 3. Ld. CIT(A) deleted all the aforementioned three disallowances. 4. Being aggrieved with the order of the Ld. CIT(A), the department is in appeal before us and has taken the following grounds of appeal:- 1. Whether Ld. CIT(A) was correct on facts and circumstances of the case and in law in d .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

re. 4. The appellant craves leave, to add, alter or amend any ground of appeal raised above at the time of the hearing. 5. Brief facts apropos ground No. 1 are that the assessee had debited various expenses in its profit and loss account. The assessing officer has observed that on examination of the bills and vouchers, it was found that some of the bills and vouchers were self generated assessee which could not substantiate fully. He, therefore, disallowed ₹ 2 lakhs on estimated basis. Ld. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

khs, without any basis, was wholly unwarranted. Assessing officer has not brought on record any material to justify the disallowance of ₹ 2 lakhs. The disallowance made on estimated basis cannot be sustained. Ld. CIT(A) has rightly relied on the following decisions in this regard: i) Umacharan Shah & Bros Vs. CIT (1959) 37 ITR 271 (SC) ii) Lalchand Bhagat Ambica Ram Vs. CIT (1959) 37 ITR 288 (SC) iii) CIT Vs. Kulwant Rai 291 ITR 36 (Delhi High Court) by following the judgement in the c .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

f various additions under the head computers. He pointed out that the additions under the head computers included UPS, printer, networking routers etc. which were only peripherals to computers and not the computers . He further pointed out that the peripherals are intrinsic parts of plant and machinery on which depreciation at the rate of 15% was allowable. He, therefore, made an addition of ₹ 3,04,397/- as under:- (a) More than 180 days: 3,02,020/- @ 15 %= ₹ 45,303/- (b) Less than 1 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| 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