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2015 (7) TMI 875 - HC - Income TaxEntitlement to depreciation in respect of the hotel building, WTT and WTC under Section 32 - Held that:- The Court is satisfied that the during the AYs in question Assessee was indeed in full control of the three buildings, viz., the hotel building, the WTT and WTC and that in any event, notwithstanding the clarificatory amendment inserted as Explanation No. 1 in Section 32 with effect from 1st April 1988, the Assessee would be entitled to claim depreciation in respect thereof, including depreciation on the plumbing and sanitary ware installed therein. - Decided in favour of assessee. Amounts received from sub-licensees - Held that:- After reference to the clauses of the sub-licence agreement it was concluded that the benefit derived by the Assessee on received finances by way of interest pre-deposit “stands merged with the income declared by the Assessee during business”. Accordingly, it was held that “no separate addition on account of benefit derived by the Assessee out of the deposits is separate payment of taxes.” In view of the discussion hereinbefore of the clauses of the sub-licence agreements, the Court concurs with the view expressed by the ITAT.- Decided in favour of assessee. Foreign exchange rate fluctuation - The direction of the CIT (A) to the AO to allow depreciation on the increase in liability on account of exchange rate fluctuation on notional basis was also upheld by ITAT - Held that:- Questions stand covered in favour of the Assessee and against the Revenue by the decision of the Division Bench of this Court in Commissioner of Income Tax v. Woodward Governor India P. Ltd. (2007 (4) TMI 118 - HIGH COURT , DELHI ) which has been affirmed by the Supreme Court in Commissioner of Income Tax v. Woodward Governor India P. Ltd. (2009 (4) TMI 4 - SUPREME COURT) - Decided in favour of assessee.
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