[aaykarbhavan] ITAT denies depreciation as assessee failed to prove that asset was used in his business operations

ITAT denies depreciation as assessee failed to prove that asset was used in his business operations

September 20, 2014[2014] 48 taxmann.com 240 (Mumbai - Trib.)

IT: Depreciation on factory building and plant & machinery never put to use during year, could not be allowed

IT: Where assessee had not paid Securities Transaction Tax (STT) in respect of sale of shares and even then claimed exemption under section 10(38), such claim could not be termed inadvertent mistake and penalty under section 271(1)(c) was rightly imposed on assessee

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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