DEPUTY COMMISSIONER OF INCOME-TAX, COIMBATORE vs. MS.PROMETHEAN MEDIA PRIVATE LIMITED, COIMBATORE

ITA 2532/CHNY/2024Status: DisposedITAT Chennai22 April 2025AY 2015-16Bench: SHRI ABY T. VARKEY (Judicial Member), SHRI JAGADISH (Accountant Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that non-production of a log book alone is not sufficient to disallow depreciation, especially when other evidence like installation certificates and sales invoices were provided. The Tribunal also held that the advance to the sister concern was a trade advance, not a deemed dividend under Section 2(22)(e).

What were the facts?

The Revenue filed an appeal against the CIT(A)'s order, which deleted additions made by the Assessing Officer (AO) concerning depreciation and deemed dividend. The AO had disallowed depreciation for a machine for non-production of log book and treated an advance to a sister concern as deemed dividend.

What were the issues?

Whether the CIT(A) was correct in allowing depreciation without a log book and in deleting the addition made by the AO for deemed dividend on advances to a sister concern.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 2(22)(e),Section 19

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘B’ BENCH: CHENNAI

Before: SHRI ABY T. VARKEY & SHRI JAGADISH

Hearing: 11.03.2025Pronounced: 22.04.2025

PER JAGADISH, A.M : Aforesaid appeal filed by the Revenue for Assessment Year (AY) 2015-16 arises out of the order of Learned Commissioner of Income Tax (NFAC), Delhi [hereinafter “CIT(A)”] dated 29.07.2024 in the matter of assessment framed by the Assessing Officer [AO] u/s. 143(3) of the Income-tax Act,1961 (hereinafter “the Act”) dated 29.12.2017. :- 2 -:

2.

The ground of appeal raised by the Revenue are as under:

2.

Ground No.1 is g

The order continues below.

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