9911796707
TMI Blog2016 (1) TMI 1225X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 1 of the Revenue is dismissed. Depreciation on computer accessories and peripherals - Held that:- Depreciation has been rightly allowed by the CIT(A) on the basis of decision in case of CIT vs. BSES Rajdhani Power Ltd. [2010 (8) TMI 58 - DELHI HIGH COURT ] wherein it was held that computer accessories and peripherals such as printers, scanners and server etc. form an integral part of the computer system and are therefore, entitled to depreciation @ 60%. The issue is covered discussed therein is in favour of the assessee. Section 14A though was discussed by the Assessing Officer and CIT(A), but the same was not in consonance with invocation of Rule 8D. Thus, this issue needs to be looked into, therefore, we remand back this issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... above at the time of the hearing. 3. The assessee company was engaged in the business of providing online and real time education to retail and institutional plans on a variety of programmes and subjects including computers, management, languages, personality development etc. The assessee company filed its return for Assessment Year 20082009 declaring an income of ₹ 14,40,64,570/- on 15.10.2008. During the course of assessment proceedings, Assessing Officer asked the assessee to submit details of short term and long term capital gain, which was duly submitted by the company. Total short term capital gain of ₹ 78,11,351/- and long term capital gain of ₹ 16,94,045/- was earned during the financial year by the company an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... just and proper. 6. The Ld. AR refuted the same. The Ld. AR further submitted that the CIT(A) has rightly held gains arising on sale of short term capital assets and being investment in equity shares as Profit and Gains of Business or Profession . Thus CIT(A) directed the Assessing Officer to treat the above income as long term and short term capital gain as shown by the assessee. As relates to depreciation the Ld. AR submitted that the CIT(A) has rightly allowed the depreciation. The Ld. AR further submitted that the Assessing Officer has not invoked Rule 8D and, therefore, Section 14A will not come into picture. 7. We have perused all the records and heard both the parties. As relates to Ground No. 1 of the Revenue the CIT(A) has ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
