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2019 (5) TMI 1544 - AT - Income TaxShort Term Capital Gain u/s 50 - sale of premises in Amarnath Tower being part of block of assets - other properties ‘Namah’ building and ‘Lakhani Centrium’ never entered the block of depreciable asset - HELD THAT:- In the present case we find that the flats which never entered into the block of depreciable assets as income from the same were being offered under the head income from house property can by no stretch of imagination be said to be entitled for automatic entry into the block of depreciable asset. The reference to section 2(11), 43(6) & 50 by CIT(A) is germane and support the case of the Revenue. Section 2(11) defines block of asset as a group of asset falling within the class of asset…….. in respect of which the same percentage of depreciation is permissible. The income from ‘Namah’ building and the premises in ‘Lakhani Centrium’ was falling under the head ‘income from house property’ and hence these premises cannot be said to be falling under any asset group on which any rate of depreciation is prescribed as on such asset no depreciation is permissible. The case laws referred by assessee as mentioned by us here in above are not applicable on the facts of the case. We have already noted that the ‘Namah’ building and property in ‘Lakhani Centrium’ never entered the block of depreciable asset as income from them was falling under the head income from house property. In this view of the matter in our considered opinion learned CIT(A) has passed well reasoned order which does not need any interference on our part. Depreciation on car - appellant has capitalized the Audi car in the F.Y.2009-10 - car had been registered in the assessee’s name on 04-02-2009 and the invoice was also dated 12-01- 2009 - HELD THAT:- Genuineness of the delivery document of Shreyons Automobiles which mentions that the vehicle was delivered on 19/6/2009. The genuineness is doubted solely on surmise and conjecture. The plea is that invoice is dated 12/1/2009 and registration date is 4/2/2009, hence it is claimed that it is hard to believe that it was delivered on 19/6/2009. Why it is so hard to believe that the assessee took delivery after four-month is not specified, the learned CIT-A has even suggested that it may not be the first time that the vehicle was delivered, signifying that the vehicle was delivered earlier used by the assessee, it went back, and it was again delivered on 19/6/09. We find that this is too much for a preposterous presumption dihors any cogent material. The assessee has got the delivery from recognised seller in the city of Mumbai. There is no doubt on the existence or the address of the seller. Nothing prevented the authorities below from making enquiry from the said seller before summarily rejecting the veracity of delivery document on mere surmise. - Decided in favour of assessee
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