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2011 (3) TMI 582 - HC - Income TaxDepreciation - assessee acquired manufacturing assets and other assets such as land and building situated at various locations - For acquisition of these assets, the assessee paid due consideration - In order to show the value of the fixed assets, namely plant and machinery as well as land and building and to claim deprecation thereupon, the assessee filed valuation reports in respect of these assets before the Assessing Officer - The Assessing Officer dug certain holes in the said valuation reports and found some shortcomings therein to reject the valuation as given by the registered valuers - According to him, the valuer had not given any reference of purchase price of the plant and machinery, book value of land and building and original cost of the assets to the seller. Held that: the defects or deficiencies allegedly pointed out by the authorities in the valuation report were not material enough to reject the said valuation report especially when there was no evidence material brought on record to dispute the said valuation - As a matter of fact the orders of the authorities show that the adverse inference drawn by them while doubting or disputing the valuation report was mainly based on assumption and surmises without there being any evidence/material to support and substantiate the same - Hence, the Income-tax Appellate Tribunal has rightly held that the depreciation was allowable and answer the question in favour of the assessee
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