If Asset owned by the assessee used for business purpose depreciation cannot be disallowed and provision of income tax written back cannot be consider deemed income

Last updated: 02 April 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
Following effective grounds of appeal:- 1. That the ld.CIT(A) had erred in deleting disallowance of Rs.8,66,798/- as disallowed by the AO which was claimed by the assessee as business loss. 2. That the ld.CIT(A) had erred in deleting the addition of Rs.1,36,620/- made by the AO as suppressed income of the assessee from the contract business. 3. That the ld.CIT(A) had erred in directing the AO in recalculate the amount of depreciation. The AO disallowed an amount of Rs.4,85,114/- as depreciation as claimed by the assessee. 4. That the ld.CIT(A) had erred in deleting the treatment of Rs.25,98,820/- as made by the AO as interest on borrowed money. The AO disallowed the amount of interest of payment, made by the assessee, to the tuen of Rs.25,98,820/-. 5. That the ld.CIT(A) had erred in deleting the addition of Rs.3,348/- made by the AO as ‘Excess Provision of Income Tax Written Back

Citation :
I.T.O Ward 4(2), Kolkata (APPELLANT) Vs M/s. Mukti Properties (P) Ltd.PAN: AACCM 0424D (RESPONDENT)