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2014 (1) TMI 746 - ITAT MUMBAIAddition on account of notional interest on security deposit – Held that:- Following Advacado Properties & Trading (I) Pvt. Ltd. [2011 (2) TMI 1299 - ITAT MUMBAI] - the addition on account of notional interest on security deposit for computing the annual value of the property – Decided in favour of Assessee. Disallowance on account of claim of depreciation – Held that:- Following Allied Electronics and Magnetics Ltd. V. DCIT [2007 (2) TMI 213 - DELHI HIGH COURT] - depreciation cannot be granted for the plant and machinery which has not been actually used in the business of the assessee – One of the conditions for allowing deduction u/s 32, is that the machinery must have been used for the purposes of the business during the previous year in which the machinery is sold, discarded, demolished or destroyed – Decided against Assessee. Disallowance of interest expenditure – Held that:- Following M/s Marchon Textiles Industries P. Ltd [2014 (1) TMI 384 - ITAT MUMBAI] - the claim of the assessee allowed by noting that non- utilisation of interest bearing funds for giving interest free advances cannot be the basis for such disallowance – Decided against Revenue.
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