2001 (7) TMI 14 - HC - Income Tax

Business Expenditure Depreciation - 1. Whether on the facts and in the circumstances of the case the learned Income-tax Appellate Tribunal is right in law in deleting the disallowance of Rs.55, 271 confirmed by the learned Commissioner of Income-tax (Appeals) on account of alleged job charges paid to Sh. Sandeep Jain son of the assessee? 2. Whether on the facts and in the circumstances of the case the Income tax Appellate Tribunal is right in law in allowing depreciation of Rs.51, 238 holding that the machinery purchased on March 31 1988 from Ashoka Brothers Impex Ltd. for Rs.1, 65, 984 was put to use on the same day at Ludhiana? - we find that no ground for interference with the view taken by the Tribunal is made out. No question of law which may require the opinion of this court arises.

Summary

The High Court of Punjab and Haryana dismissed a petition filed by the Revenue under section 256(2) of the Income-tax Act, 1961. The court upheld the Tribunal's decision to allow deduction of job charges paid to the assessee's son and depreciation on machinery purchased and put to use on the same day. The court found no grounds for interference as the decisions were based on factual evidence.