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TMI Blog2017 (3) TMI 1235X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Act, from the income determined from gross bills at ₹ 3,39,265/- and the balance amount of depreciation is adjustable against income from other sources of ₹ 5,92,565/- as per provisions of section 70(1) of the Act. Hence, set aside the orders of lower authorities and direct the Assessing Officer to allow deduction for depreciation of ₹ 9,94,050/- from the rental income of loader to the assessee and thereafter determine the income of the assessee as per law. Thus, the grounds of appeal of the assessee are partly allowed. - ITA No. 75/CTK/2016 - - - Dated:- 21-3-2017 - Shri N. S. Saini, Accountant Member Assessee by : Shri P.Vyas, AR Revenue by : Shri D.K.Pradhan, DR ORDER This is an appeal filed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore nor with supporting documents on 19.5.2015 and on 22.12.2015 on the finding of remand report and has unduly upheld the estimation of income on works contract @ 8%. Addition on investment on purchase of Bolero at ₹ 5,89,800/- and claim of depreciation of loader of ₹ 9,94,050/- without discussion and mentioning her finding on supporting documents submitted before her. Hence, strongly objected. 8. That when under similar facts, the Tribunal has reasonably estimated income from works contract at 5% to 6% relating to assesseess of same locality and under same Government department at the worth the estimation should have been limited to 6% of total works contract. 9. That the addition on account of unexplained investme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore me, the submission of ld Authorised Representative of the assessee is that the Assessing Officer has assessed the income from loader of ₹ 4,18,711/- separately after determining the income from gross bills by applying rate of 8%. He submitted that the rental income of the loader is the gross receipt of the assessee. The assesse has claimed depreciation of ₹ 9,94,050/- on the written down value of the loader. The Assessing Officer has not allowed deduction for the same while determining the income from loader. He argued that if depreciation on loader is allowed to the assessee then the assessee has no grievance against the order of the Assessing Officer as well as that of CIT(A). He argued that the Assessing Officer has deter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the depreciation of ₹ 9,94,050/-, there will remain unabsorbed depreciation of ₹ 5,75,339/- . The same is deductible u/s.70 of Income tax Act, from the income determined from gross bills at ₹ 3,39,265/- and the balance amount of depreciation is adjustable against income from other sources of ₹ 5,92,565/- as per provisions of section 70(1) of the Act. Hence, I set aside the orders of lower authorities and direct the Assessing Officer to allow deduction for depreciation of ₹ 9,94,050/- from the rental income of loader to the assessee and thereafter determine the income of the assessee as per law in the light of discussion made hereinabove. Thus, the grounds of appeal of the assessee are partly allowed. 8. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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