{"id":42876,"date":"2024-05-17T16:16:57","date_gmt":"2024-05-17T10:46:57","guid":{"rendered":"https:\/\/itatonline.org\/digest\/marvelore-mining-allied-industries-p-ltd-v-ito-2023-198-itd-629-surat-trib\/"},"modified":"2024-05-17T16:16:57","modified_gmt":"2024-05-17T10:46:57","slug":"marvelore-mining-allied-industries-p-ltd-v-ito-2023-198-itd-629-surat-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/marvelore-mining-allied-industries-p-ltd-v-ito-2023-198-itd-629-surat-trib\/","title":{"rendered":"Marvelore Mining &#038; Allied Industries (P.) Ltd. v. ITO (2023) 198 ITD 629 (Surat) (Trib.)"},"content":{"rendered":"<p>Assessee had shown in account books for assessment year 2016-17 liability of sundry creditor outstanding against purchase of machinery in assessment year 2011-12 and machinery was defective and it was never put to use and supplier was asked to take back its machinery.\u00a0 Assessing Officer added amount\u00a0 to assessee&#8217;s income as per provisions of section 41(1) by holding that assessee had not demonstrated that liability was on account of capital expenditure. On appeal the Tribunal held that the\u00a0 lower authorities had not disputed about purchase of machinery and no adverse evidence was brought on record that liability was other than purchase of machinery which is Capital asset which was neither\u00a0 put to use nor claimed depreciation. Addition is deleted.\u00a0 (AY. 2016-17 )<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-liability of sundry creditor-Capital asset-Capital expenditure-Neither  put to use nor claimed depreciation-Addition cannot be made. <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-42876","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-b9y","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=42876"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42876\/revisions"}],"predecessor-version":[{"id":42877,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42876\/revisions\/42877"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=42876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=42876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=42876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}