2016 (7) TMI 1330

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..... o of these cases. Thus, on consideration, we find that for the purpose of Section 10(29) depreciation does not par take the character of expenditure for the purposes of apportionment. Therefore, we are in agreement with the findings of the Ld. CIT (A) on this issue and we decline to interfere. See Vishnu Anant Mahajan vs. ACIT [2012 (6) TMI 297 - ITAT, Ahmedabad]. Appeals of the Department dismiss .....

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..... gnoring the fact that depreciation is claimed like any other business expense in the P L account which goes on to reduce the tax liability of the assessee. 2. The appellant craves leave for reserving the right to amend, modify, alter, add or forego any ground(s) of appeal at any time before or during the hearing of this appeal. 2. The short question which needs adjudication is that whether .....

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..... of Hoshang D. Nanavati in ITA No. 3567/Mum/2007 that Section 14A deals only with the expenditure and not any statutory allowance admissible to the assessee. The decision was arrived at after considering the decision in the case of Nectar Beverages P. Ltd. vs. DCIT (2009) 314 ITR 314. This decision was approved by the ITAT Ahmedabad Special Bench in Vishnu Anant Mahajan vs. ACIT in ITA No. 3002/Ah .....

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