Disallowance of depreciation - A.O. was of the opinion that the ...

Depreciation Disallowed on Home-Theatre Overturned; No Breach of Rule 46A Found by Tax Authorities.

October 23, 2021

Case Laws Income Tax AT

Disallowance of depreciation - A.O. was of the opinion that the home-theatre was not for the purpose of business - The stand taken by the assessee before the A.O. was that there was a fire accident, wherein the invoices were destroyed and hence, cannot be produced. The same is the stand taken before the CIT(A) and the same set of evidence are produced. Therefore, there is no violation of provisions of Rule 46A of the I.T. Rules. - Additions were rightly deleted - AT

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Disallowance of depreciation - A.O. was of the opinion that the ...

Depreciation Disallowed on Home-Theatre Overturned; No Breach of Rule 46A Found by Tax Authorities.

October 23, 2021

Case Laws Income Tax AT

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