Case Law Details
Case Name : Amit Bholanath Mishra Vs ACIT (ITAT Mumbai)
Related Assessment Year : 2016-17
Courts :
All ITAT ITAT Mumbai
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Amit Bholanath Mishra Vs ACIT (ITAT Mumbai)
Section 50 Not Invocable Without Depreciation: ITAT Mumbai Deletes ₹57.62 Lakh Addition on Sale of Cars
The Mumbai ITAT (A-Bench) allowed the assessee’s appeal for AY 2016-17, holding that Section 50 cannot be applied in the absence of any depreciation actually allowed on the assets. The assessee had sold two motor cars and claimed set-off of capital losses against long-term capital gains from sale of flats. The AO recomputed depreciation for earlier years, invoked Explanation 6 to Section 43(6), treated the cars as depreciable business assets, a...
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Author Bio
thank you sir.