| The Tax Publishers2020 TaxPub(DT) 4184 (Kol-Trib) : (2020) 082 ITR (Trib) 0590 INCOME TAX ACT 1961
Section 32
Disallowance of depreciation claimed by assessee was restricted to Rs. 1,00,000 out of Rs. 14,33,621 on account of miscellaneous deficiency or differences as revenue and assessee both fairly agreed on it.
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Depreciation - Allowability - Purchase bills treated as not genuine -
AO made disallowance of depreciation claimed by assessee on the ground that purchase bills submitted by assessee were not genuine. Held: Assessee had fairly agreed that out of Rs. 14,33,621, Rs. 1,00,000 may be disallowed on account of miscellaneous deficiency or differences, Revenue had also agreed with the bench that in order to cover the miscellaneous deficiencies a minimum of Rs. 1,00,000 may be disallowed. Therefore, out of Rs. 14,33,621 Rs. 1,00,000 was disallowed and balance of Rs. 13,23,621, was directed to be deleted.
REFERRED :
FAVOUR : Partly in favour of assessee.
A.Y. : 2015-16
IN THE ITAT, KOLKATA BENCH
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