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2 results for “depreciation”+ Section 45Qclear

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Section 452 Section 372 Deduction2 Disallowance2

SHRIRAM CITY UNION FINANCE LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, the appeal of the assessee and the revenue are partly allowed

ITA 506/CHNY/2016[2012-2013]Status: DisposedITAT Chennai07 Jun 2017AY 2012-2013

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.506/Mds/2016 "नधा+रण वष+ /Assessment Year: 2012-13

For Respondent: Mr.R.Sivaraman, Adv

Section 37Section 45

45Q an overriding effect is given to the Directions 1998 vis-à-vis recognition” principles in the Companies Act, 1956. These Directions constitute a code by itself. However, these Directions 1998 and the Income tax Act operate in different areas. These Directions cannot overrule the “permissible deductions” or “their exclusion” under the income, tax Act.” Hence disallowance of Rs.104

DCIT, CHENNAI vs. SHRIRAM CITY UNION FINANCE CO. LTD., CHENNAI

In the result, the appeal of the assessee and the revenue are partly allowed