Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (4) TMI 136 - AT - Income TaxDepreciation - Assets taken over under slump sale - use of computer for more than 180 days or not - Assets taken over under slump sale - date of put to use - CIT(A) allowed the assessee depreciation of ₹ 98,88,500/- on computers relying purely on the revised certificate submitted by the assessee - Held that:- there is no reason whatsoever to not rely upon the veracity of the revised statement filed by the auditor. It was only the original certificate which had contained error which led the AO to believe the assets were put to sue from 25.12.2002. There was no other material whatsoever in the possession of the AO. In these circumstances, the AO’s reluctance to give credence to the revised certificate of the Auditor is not at all sustainable. Moreover, on the basis of the facts of the case it emerges that assessee has acquired the assets under slump sale with effect from April 1, 2002. In these circumstances, there is no plausible reason why April, 25, 2002 would be mentioned as date on which the assets are put to use. Ld. CIT(A) is correct in observing that the main purpose of taking the undertaking of slump sale basis is to enable such undertaking to run after transfer of the going concern. Hence, if the undertaking has been taken on slump sale, no prudent businessman would leave the undertaking remain idle for so many months, when it is capable of running of its own without any interruption. In the background of the aforesaid discussion, we do not find any infirmity in the order of the Ld. CIT(A). - Decided against revenue.
|