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2014 (7) TMI 1001 - HC - Income TaxAllowability of depreciation on enhanced value Approval of DCIT before application of Explanation 3 of section 43(1) Held that:- Tribunal has not considered the issue with respect to depreciation on enhanced value to the successor firm and not written down the value on merits and had held against the revenue solely on the ground that the AO had not obtained approval of the Deputy Commissioner before applying Explanation 3 of Section 43(1) of the Act - Tribunal has not properly appreciated and considered the relevant provision of Section 43(1), more particularly, explanation 3 of Section 43(1) which was prevailing at the relevant time the matter is remitted back to the Tribunal Decided in favour of Revenue. Whether the Tribunal is right in confirming the order passed by the CIT(A) directing the AO to make two assessments for the two periods Held that:- Mere change in the constitution of the firm within the meaning of section 187 was not correct and it must be held that this is a case of succession within the meaning of section 188 and the case did not fall under the provisions of section 187 of the Act - Following the decision in Commissioner of Income-Tax Versus Amritlal Nihalchand [992 (1) TMI 6 - SUPREME Court] - there was succession of the firm and is held against the revenue Decided against Revenue.
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