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2015 (9) TMI 892 - AT - Income TaxDeduction u/s. 80IB for Goa Unit in respect of sale of scrap - Held that:- Madras High Court judgment in the case of M/s Fenner India Ltd (1998 (4) TMI 67 - MADRAS High Court ) for the proposition that the profit on sale of scrap material since had a direct link or nexus with the industrial undertaking and therefore, it is eligible for deduction u/s 80IB, Considering the similarity in language used in sections 80HH and 80IB of the Act, we are of the considered opinion that the assessee should succeed in this regard also - Decided in favour of assessee. Depreciation on intangible assets denied - Held that:- The assessee in the period relevant to assessment year 2004-05 had capitalized the amount of 285 million Japanese Yen and had claimed depreciation thereon year after year. This fact is evident from the balance sheet filed by the assessee for the financial year ending on 31-03-2004, 31-03-2005 and 31-03-2006. Once, it has become the part of block of asset on which the depreciation has been allowed for the three assessment years, the depreciation cannot be denied in the subsequent assessment years on the written down value. The asset cannot be taken out of block of assets. Similar view has been taken by the Tribunal in the case of Kodak Polychrome Graphics (I) (P) Ltd. Vs. ACIT (2013 (9) TMI 481 - ITAT MUMBAI ). - Decided in favour of assessee.
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