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2012 (8) TMI 97 - AT - Income TaxRejecting the claim of the appellant to be assessed in the status of Joint Venture - assessee contested against assessing returned income on the protective basis in the hands of AOP and the same income to be assessed separately in their respective hands on substantive basis - Held that:- When income returned by a person is not accepted by the revenue as his income and the income is assessed only on protective basis then the assessee’s right over the income is not recognized by the revenue and the assessee has valid reasons to be aggrieved by such an order - the order of CIT(A) was set aside and matter was restored back to his file - in favour of assessee for statistical purpose. Disallowance of depreciation - Held that:- As no material was brought on record before the tribunal to controvert this finding of CIT(A) that the assessee joint venture is not the owner of the assets - as this argument was not raised by the assessee before the authorities below that the assets in question on which the depreciation is claimed by the assessee were used by the assessee and on account of user of those assets only, the income was assessed in the hands of the assessee, and therefore, the assessee is at least beneficial owner of those assets and hence, eligible for depreciation - this matter should go back to the file of Ld. CIT(A) for fresh decision - in favour of assessee for statistical purpose.
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