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2020 (4) TMI 489 - AT - Income TaxDepreciation u/s 32 - conversion of partnership firm into private limited company - assessee-company claimed depreciation on the enhanced value of assets as per the revaluation of assets made as on 30.06.2007 by the firm - HELD THAT:- Since the issue has been decided by the ITAT in earlier year in assessee's favour the disallowance of depreciation by the AO for this year is not sustainable as the same is consequential to the depreciation allowed and WDV of assets in earlier year. Therefore, following the order of the Coordinate Bench in assessee’s own case for AY 2009-10 I [2019 (3) TMI 1764 - ITAT MUMBAI] wherein held assessee is entitled to depreciation on the enhanced cost at which the assessee has taken over the assets and direct the AO to allow the depreciation as claimed by the assessee - Decided in favour of assessee.
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