2024 (4) TMI 193

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....ingh, CA, Shri Nitin Sharma, CA For the Revenue : Ms. Indu Bala Saini, Sr. DR ORDER PER SHAMIM YAHYA, ACCOUNTANT MEMBER : These appeals by the assessee are directed against the orders of the ld. CIT (Appeals)-29, New Delhi both dated 28.07.2022 for the assessment years 2017-18 & 2018-19. 2. One issue raised in ITA No.2387/Del/2022 read as under :- "On the facts and circumst....

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....el for the assessee pleaded that Hon'ble Delhi High Court in the case of Cheminvest Ltd. vs. CIT - (2015) 378 ITR 33 (Delhi) has held that disallowance under section 14A should be restricted to the exempt income earned. Since the exempt income earned has already been offered for tax by the assessee, no disallowance in this regard is called for. Accordingly, following the above precedent, we set as....

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....td. The AO made the disallowance on the ground that the assessee was not engaged in the business of running the vehicles on hire. Hence, he has allowed depreciation on canters @ 15% instead of 30% as claimed by the assessee. The assessee has submitted that its substantial sale was to M/s. Maruti Suzuki India Ltd. and that the canters were specially designed trucks made to carry goods/components to....

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....ith the purchasers to give on hire its canters to the purchasers of its goods. Also it is important to note that there is no Hire Income shown in the Profit & Loss account of the appellant to reflect that Hire Charges have been received by its. Further, since no Hire charges have been paid by the purchasers of the appellants goods no TDS has been deducted on the said Hire charges. The appellant is....