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2017 (3) TMI 947 - AT - Income TaxDisallowance of depreciation - Held that:- It is a fact that assessee has not furnished either details of the assets or the values of individual assets or any invoices in order to support the acquisition of computers for the purpose of business. As seen from the Balance Sheet of Laser Dot Ltd., the WDV as per the books of account as on 31-03-2010 was only ₹ 23,46,947/-. There are no additions to the fixed assets during the year as far as the statement of accounts of Laser Dot Ltd., was concerned. This indicates that the acquisition of assets was in the hands of merged company and have been claimed as part of new company in the revised accounts. As seen from the record, assessee not only failed to provide the details of the assets but also failed to provide the basic details of cost, nature of asset and how the amounts were paid from the books of account. As seen from the submissions before the CIT(A), it was the assessee’s contention that highly sophisticated recording and monitoring systems were supposed to have been acquired from second-hand market and from other places and got them assembled into ‘broadcasting and monitoring system’. At least assessee could have furnished the copy of the returns filed before the AO of erstwhile company in due time, as the assets were not acquired by Laser Dot Ltd., but seems to be part of merged company, Esha News Monitoring Services Private Limited. Since nothing was placed on record to substantiate the claim, we are unable to appreciate assessee’s contention that the machinery should have been inspected by the AO and depreciation allowed. It is for assessee to substantiate the acquisition of assets, atleast prima-facie, by furnishing necessary vouchers, invoices, values and make etc., so that there is some basis for verification. In the absence of the same, the burden cannot be shifted. In view of that, we uphold the order of the AO/ CIT(A) - Decided against assessee.
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