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2017 (10) TMI 1324 - HC - Income TaxSums received upon encashment of bank guarantees - ITAT held that such additions were unjustified because the income could not be approved as the dispute is pending litigation and final adjudication before the Court - Held that:- This Court is of the opinion that the reasoning of the ITAT is in accord with sound principles and previous judgments. No question of law arises on this score. Depreciation of claim in respect of assets not registered in the name of the assessee - ITAT factually found that the assessee had paid all amounts to the transferor and had obtained possession. The assessee was also using the premises for its business purposes. The determination of this question is, therefore, essentially factual. No question of law arises. Exemption under Section 80IA - exemption claimed for the Inland Container Depot (ICD), Container Freight Station (CFS) and rolling stock - Held that:- Here again the Revenue’s contentions were rejected for previous years in Container Corporation of India Ltd. v. ACIT [2012 (5) TMI 260 - DELHI HIGH COURT]. So far as the rolling stock is concerned, ITAT has relied upon its previous ruling. Amortized depreciation - Held that:- ITAT correctly, in our opinion, applied Section 32 of the Income Tax Act, 1978. No question of law, therefore, arises. Depreciation of land - ITAT was of the opinion that the lower authority had not considered the applicability of Section 32(1)(ii) and, therefore, remitted the matter for fresh consideration. Accordingly, no ground to interfere with the remit order arises.
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