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2017 (9) TMI 299 - AT - Income TaxDepreciation on Quarry Land & Development - AO disallowed the claim of deprecation as, there is no block for such asset in the Income Tax Act to claim depreciation U/s 32 - Held that:- As we noticed that quarry land & development is an intangible asset being in nature of license for commercial right and for which the prescribed rate of depreciation as per the Income Tax Rules is at 25%. The assessee has submitted before the Assessing Officer as well as before the ld. CIT(Appeals) the various charts of depreciation explaining the provision on the amount of depreciation claimed by the assessee. Therefore, considering the nature of the business, we are of the view that the method adopted by the assessee to compute the depreciation on Quarry Land & Development is appropriate and, therefore, we confirm the order passed by the ld. CIT(Appeals).- Decided against Revenue. Disallowance of deduction under section 80HHC - Interest Income not Considered while computing profit - net of interest or gross interest - Held that:- As per Explanation (baa) to section 80HHC(4B) the ‘net interest income’ should be considered instead of the ‘gross interest receipt’.Also various Hon’ble High Courts have explained the above terms. Therefore tribunal confirm the order of the ld. CIT(Appeals).- Decided against Revenue.
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