IT-I : In case of composite accounts, estimation of expenditure incurred to earn exempt income was to be made as per of Rule 8D
IT-II : Where assessee's claim for set off of long-term capital loss was not accepted in earlier assessment year, there was no question of same being carried forward for set off subsequent year/s
IT-III : Where property taken on lease was not used for business purpose and it was returned to lessor, assessee's claim of depreciation for renovation expenses incurred in respect of said property was to be rejected
■■■
[2015] 53 taxmann.com 34 (Mumbai - Trib.)
IN THE ITAT MUMBAI BENCH 'B'
Metro Exporters (P.) Ltd.
v.
Assistant Commissioner of Income-tax, Circle 6 (3), Mumbai*
I.P. BANSAL, JUDICIAL MEMBER
AND SANJAY ARORA, ACCOUNTANT MEMBER
IT APPEAL NO. 7315 (MUM.) OF 2012
[ASSESSMENT YEAR 2008-09]
SEPTEMBER 30, 2014
I. Section 14A of the Income-tax Act, 1961 , read with rule 8D of the Income-tax Rules, 1962 - Expenditure incurred in relation to income not includible in total income (Rule 8D) - Assessment year 2008-09 - Whether where assessee's accounts were composite and it was not possible to ascertain therefrom expenditure incurred in relation to earn exempt income, estimation of said expenditure had to be made in accordance with provisions of rule 8D of 1962 Rules - Held, yes [Para 3][Matter remanded]
II. Section 74 of the Income-tax Act, 1961 - Losses under head capital gains - Set off of (Applicability of) - Assessment year 2008-09 - Whether where assessee's claim for set off of long-term capital loss was not accepted in earlier assessment year, there was no question of same being carry forward for being allowed to be set off against income for subsequent year/s - Held, yes [Para 4][Matter remanded]
III. Section 32 of the Income-tax Act, 1961 - Depreciation - Allowance/Rate of (Leasehold premises) - Assessment year 2008-09 - Whether where assessee incurred expenses or renovation of premises taken on leave and licence basis, since said property had been vacated and handed over back to lessor and not used by assessee for business purpose during relevant year, assessee's claim for depreciation in respect of renovation expenses was to be rejected - Held, yes [Para 7] [In favour of revenue]
IT-II : Where assessee's claim for set off of long-term capital loss was not accepted in earlier assessment year, there was no question of same being carried forward for set off subsequent year/s
IT-III : Where property taken on lease was not used for business purpose and it was returned to lessor, assessee's claim of depreciation for renovation expenses incurred in respect of said property was to be rejected
■■■
[2015] 53 taxmann.com 34 (Mumbai - Trib.)
IN THE ITAT MUMBAI BENCH 'B'
Metro Exporters (P.) Ltd.
v.
Assistant Commissioner of Income-tax, Circle 6 (3), Mumbai*
I.P. BANSAL, JUDICIAL MEMBER
AND SANJAY ARORA, ACCOUNTANT MEMBER
IT APPEAL NO. 7315 (MUM.) OF 2012
[ASSESSMENT YEAR 2008-09]
SEPTEMBER 30, 2014
I. Section 14A of the Income-tax Act, 1961 , read with rule 8D of the Income-tax Rules, 1962 - Expenditure incurred in relation to income not includible in total income (Rule 8D) - Assessment year 2008-09 - Whether where assessee's accounts were composite and it was not possible to ascertain therefrom expenditure incurred in relation to earn exempt income, estimation of said expenditure had to be made in accordance with provisions of rule 8D of 1962 Rules - Held, yes [Para 3][Matter remanded]
II. Section 74 of the Income-tax Act, 1961 - Losses under head capital gains - Set off of (Applicability of) - Assessment year 2008-09 - Whether where assessee's claim for set off of long-term capital loss was not accepted in earlier assessment year, there was no question of same being carry forward for being allowed to be set off against income for subsequent year/s - Held, yes [Para 4][Matter remanded]
III. Section 32 of the Income-tax Act, 1961 - Depreciation - Allowance/Rate of (Leasehold premises) - Assessment year 2008-09 - Whether where assessee incurred expenses or renovation of premises taken on leave and licence basis, since said property had been vacated and handed over back to lessor and not used by assessee for business purpose during relevant year, assessee's claim for depreciation in respect of renovation expenses was to be rejected - Held, yes [Para 7] [In favour of revenue]
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