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The Tax Publishers ACIT v. Aayush ICU & Multispecialty Hospital [ITA No. 2006/Ahd/2012, dt. 31-3-2016] : 2016 TaxPub(DT) 2286 (Ahd-Trib) Unexplained expenditure v Unexplained investment *Facts:* Assessee hospital arising out of a survey had admitted spending INR 50 lakhs unaccounted for building contruction. Assessing officer gave it a reading as falling under section 69C as unexplained expenditure and vide the proviso denied depreciation as any expenditure claim is not permitted as per that proviso. Assessees plea of the same being unexplained investment under section 69B was accepted by Commissioner (Appeals) on appeal and thus allowed depreciation on the building construction. Aggrieved the department appealed to ITAT: Held in favour of assessee that the unaccounted investment fell in the scope of section 69B as unexplained investment thus depreciation on the same is allowable.

The Tax Publishers

ACIT v. Aayush ICU & Multispecialty Hospital [ITA No. 2006/Ahd/2012, dt. 31-3-2016] : 2016 TaxPub(DT) 2286 (Ahd-Trib)

Unexplained expenditure v Unexplained investment

Facts:

Assessee hospital arising out of a survey had admitted spending INR 50 lakhs unaccounted for building contruction. Assessing officer gave it a reading as falling under section 69C as unexplained expenditure and vide the proviso denied depreciation as any expenditure claim is not permitted as per that proviso. Assessees plea of the same being unexplained investment under section 69B was accepted by Commissioner (Appeals) on appeal and thus allowed depreciation on the building construction. Aggrieved the department appealed to ITAT:

Held in favour of assessee that the unaccounted investment fell in the scope of section 69B as unexplained investment thus depreciation on the same is allowable.