DEPUTY COMMISSIONER OF INCOME TAX (CENTRAL) , JABALPUR vs. M/S. JABALPUR HOSPITAL & RESEARCH CENTER, JABALPUR
In the result, the appeal filed by the revenue is dismissed and the Cross objections filed by the assessee are partly allowed
ITA 19/JAB/2019[2016-17]Status: DisposedITAT Jabalpur20 Nov 2023AY 2016-17
Bench: Shri Om Prakash Kant & Shri Pavan Kumar Gadaledcit, Vs. Jabalpur Hospital & Central Circle, Researchcentre,Pvtltd Ramnath Russel Crossing, Building,Napier Town, Napier Town, Jabalpur-482001, Jabalpur-482001 Madhya Pradesh. Madhya Pradesh Pan/Gir No. : Aabcj1959K Appellant .. Respondent Co.No.04/Jab/2019 (A.Y. 2016-17) (In Ita No.19/Jab/2019) Jabalpur Hospital & Vs. Dcit, Research Centre Pvt Ltd, Central Circle, Russel Crossing, Ramnath Napier Town, Building,Napier Town, Jabalpur-482001. Jabalpur-482001. Madhya Pradesh. Madhya Pradesh. Pan/Gir No. : Aabcj1959K Appellant .. Respondent
For Appellant: Shri Dhiraj Ghai.CA.ARFor Respondent: Shri Saad Kidwai. CIT-DR
Section 142(1)
depreciation is allowable as per rate prescribed. The items mentioned in the details of fixed assets cannot form part of taxable income as per the accounting principle. The A.O. can make addition only when the fixed assets has been purchased out of the unaccounted investment. A.O can only make addition in respect of consumables treating the same as unaccounted stock
