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2011 (6) TMI 206 - AT - Income TaxDTAA - Depreciation - The assessee is in the business of dredging and had during the relevant year done dredging work at the Indian ports - The assessee had included the assets in the block of asset of the PE when the assets were transferred from the head quarters to the PE and therefore, similar treatment, has to be given to the asset when it was transferred out of the PE account - The case of the assessee is that it has different operations at different sites in the world and the transfer of these assets to some other site cannot be treated as demolition/destruction of the assets - Held that: the same issue has already been examined by the Tribunal in assessee's own case for the assessment year 1997-98 in which the Tribunal vide order dated 30-6-2000 in ITA No. 3474/M/00 allowed depreciation in identical situation - Decided in the favour of assessee Regarding disallowance of charter hire rentals - High Court in the case of CIT v. Southern Petrochemical Industries Corpn. Ltd. (2008 -TMI - 4489 - MADRAS HIGH COURT) in which it has been held that asset kept as standby was entitled to depreciation - Appeal is allowed
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