Amount recoverable given in advance cannot treat as income and depreciation can claim on all asset used for business

Last updated: 23 January 2013

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
The revenue has questioned the first appellate order on the following grounds: “1. On the facts and circumstances of the case and in law, the ld. CIT (A) has erred in deleting the addition of Rs.21,63,393/- being the amount receivable from M/s Adkins Services made by AO. 2. On the facts and circumstances of the case and in law, the ld. CIT (A) has erred in deleting the addition of Rs.2,76,01,499/- payable to M/s B.J. Services made by AO. 3. On the facts and circumstances of the case and in law, the ld. CIT (A) has erred in deleting the addition of Rs.17,81,329/- on account of depreciation on building made by AO.”

Citation :
ACIT Circle-12 (1)New Delhi (Revenue)Vs.M/s Great Eastern Energy Corpn. Ltd. Signature Tower A, 14th Floor, South City, Gurgaon (Haryana)PAN: AAACG3345 (Assessee)