2018 (3) TMI 1526

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....iled to the extent of disallowing the addition made on account of depreciation claimed by the assessee. The appeal pertains to assessment year 1998-1999. 2. Mr. Sharma, the learned counsel for the appellant submits that, the appeal has been filed on following substantial questions of law. A. Whether on the facts and circumstances of the case and in law the ITAT is justified in deleting the a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ion in the case of McDowge or entertain the belief that it is honourable to avoid the payment of tax by resorting to dubious methods since every citizen of the country is under obligation to pay taxes honestly without resorting to deceptions ? 3. According to the learned advocate, the transaction entered into by the assessee i. e. hire of truck at the rate of Rs. 2,000/per month was at lower si....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....assessing officer has observed that, the assessee is taking disadvantage of provisions of Sec. 44AE of the I. T. Act by showing receipt of Rs. 2000/per truck and claimed full depreciation of these trucks. The assessee is giving colourable shape to the transaction. 5. The Commissioner Appeals and the Tribunal have concurrently held that, hire charges were low was not relevant since assessee had ....