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2022 (11) TMI 1246 - ITAT MUMBAIExcess depreciation claimed - information received from the Investigation Wing and the inference are based on actual findings and evidence gathered during the course of survey action - to support the pricing of cost of acquisition of the assessee, the assessee had relied upon TEV study report of D.K.Jain and Co., who is an independent technical export appointed by State Bank of India and which report has been furnished to the Revenue in the past and has been consistently accepted - CIT(A) observed that as per the provisions of Section 43(1) of the Act, the actual cost means the actual cost of assets to the assessee reduced by that portion of the cost thereof, if any, as has been met directly or indirectly by any other person or authority - HELD THAT:- We find that the ld. CIT(A) had duly applied the provisions of Section 43(1) of the Act which defines actual cost. We find that the ld. CIT(A) had categorically observed that Rs.20,00,00,000/- is the actual cost of acquisition of FFS Machines for the assessee paid to M/s. Anitas Exports Pvt. Ltd. This factual finding and the application of provisions of Section 43(1) of the Act has not been challenged by the Revenue before us. Hence, there is absolutely no merit in the grounds raised by the Revenue before us. In any case, the issue in dispute is squarely covered by the decision of the Hon’ble Jurisdictional High Court in the case of CIT vs. Karma Energy Ltd.2015 (6) TMI 216 - BOMBAY HIGH COURT] We hold that the ld. CIT(A) had correctly addressed the issue in dispute in favour of the assessee.
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