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2015 (7) TMI 950 - AT - Income TaxDisallowance of claim of depreciation on (i) Residential house property at 10, Mistry Manor, 62A, Napean Sea Road, Mumbai and (ii) Premises at C-6, Corianthian, 17 Off Arthur Bunder Road, Colaba, Mumbai - CIT(A) allowed claim - Held that:- D.R. even though vehemently relied on the order of the Assessing Officer but could not adduce any cogent material or evidence before us, which may compel us to reverse the finding of the CIT(Appeals). It is not denied that the property No. 10, Mistry Manor, 62A, Napean Sea Road, Mumbai was allotted to Smt. Anita Krishna, Di rec tor so that she can look after business activity carried on by the assessee-company in Mumbai. Similarly in respect of property at C-6, Corianthian, 17 Off Arthur Bunder Road, Colaba, Mumbai, no evidence was brought to our knowledge by the ld. D.R. which may prove that the assessee was not having its Office there - Decided in favour of assessee. Addition of annual value as income from house property under section 22 for two properties - Held that:- Since we have already confirmed the order of CIT(Appeals) that both the properties acquired by the assessee during the year were being used for the purpose of business and, therefore, the assessee was entitled for the depreciation, and no question of adding annual value as income from house property under section 22 arises. - Decided in favour of assessee. Addition on set off of the past business losses - CIT(A) deleted addition - Held that:- Provisions of section 79 are applicable where there is a change on the last day of the previous year the shares of the company carrying not less than 51% of the voting power were beneficially held by the persons who beneficially held shares of the company not less than 51% of the voting power on the last date of the year or years in which the loss was incurred. The preamble of this section requires that there must be a change in the shareholding. In the case of the assessee, we noted that there is no change in the shareholding pattern, the old 10 shareholders, who were having the entire share capital as on 31.03.2004 continues to hold the shares as on 31.03.2007. In the case of the assessee the change in the shareholding pattern is due to the induction of the fresh capital not due to the transfer of the shares from one shareholder to another. In view of this fact, we do not find any illegality or infirmity in the order of the CIT(Appeals). We accordingly confirm the order of the CIT(Appeals) directing the Assessing Officer to allow the set off of brought forward loss from the assessment year 2004-05. - Decided in favour of assessee.
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