DASHMESH TIMBER AND FURNITURE HOUSE,AJNALA vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE, AMRITSAR
In the result, the appeal filed by the assessee is allowed
ITA 542/ASR/2024[2019-20]Status: DisposedITAT Amritsar22 Jan 2025AY 2019-20
Bench: Sh. Udayan Dasgupta & Sh. Krinwant Sahay
For Appellant: Sh. P. N. Arora, Adv
Section 115BSection 133ASection 133A(3)(iii)Section 143(3)Section 250(6)Section 69Section 69A
depreciation will be allowed. In the present case, to the extent of the expenditure incurred for construction of the building, out of unexplained source is concerned, it is to be construed as income earned from the business and it will take character of the business income. The case law relied upon by the Ld. CIT(A) is distinguishable
