9911796707
TMI Blog2018 (3) TMI 1526X X X X Extracts X X X X X X X X Extracts X X X X ..... since assessee had received substantial interest free huge deposits for hire of truck. The assessee owned fifteen trucks, nine from Akola unit and six from Daman unit. The Tribunal has observed that, the assessing officer could not have termed the transaction of hire of trucks as sale of truck. It is observed that, the hire charges were less was not relevant since assessee has received substantia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TAT is justified in deleting the addition made by the A. O. on account of disallowance of assessee's claim of depreciation on truck at ₹ 13,03,920/- for A. Y. 1998-99? B. Whether on the facts and circumstances of the case and in law the ITAT is justified in ignoring the fact that it is only during the survey action u/s 133A of I. T. Act that it was found that the agreements made f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of ₹ 2,000/per month was at lower side. The assessee claimed depreciation at the rate of 40% i. e. ₹ 7,61,859/and received rent amount of only ₹ 5,62,066/for Akola. Same was the position with regard to the goods carriage given on hire for Daman unit. According to the learned advocate, assessing officer has considered that, the details are not provided by the assessee U/Sec. 44AE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hire charges were low was not relevant since assessee had received substantial interest free huge deposits for hire of truck. The assessee owned fifteen trucks, nine from Akola unit and six from Daman unit. The Tribunal has observed that, the assessing officer could not have termed the transaction of hire of trucks as sale of truck. It is observed that, the hire charges were less was not relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
