DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- SHILLONG, SHILLONG vs. JOWAI CO-OP. URBAN BANK LIMITED, JOWAI
In the result, appeal of the revenue is partly allowed in terms of our above observation
ITA 30/GTY/2022[2015-16]Status: DisposedITAT Guwahati13 Jun 2023AY 2015-16
Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2015-16
For Appellant: Shri Sumit Das, FCAFor Respondent: Shri P. S. Thuingaleng, ACIT
Section 143(3)Section 154Section 36(1)(viia)Section 37(1)Section 40
depreciation on investments. In this respect, Ld AO noted that the provision was for unascertained liability and an investment is not business asset and therefore, disallowed the same u/s. 37(1) of the Act.
4.1. Subsequent to this rectification, another order was passed u/s.
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