TMI Blog2014 (1) TMI 746X X X X Extracts X X X X X X X X Extracts X X X X ..... ion u/s 32, is that the machinery must have been used for the purposes of the business during the previous year in which the machinery is sold, discarded, demolished or destroyed – Decided against Assessee. Disallowance of interest expenditure – Held that:- Following M/s Marchon Textiles Industries P. Ltd [2014 (1) TMI 384 - ITAT MUMBAI] - the claim of the assessee allowed by noting that non- utilisation of interest bearing funds for giving interest free advances cannot be the basis for such disallowance – Decided against Revenue. - ITA No. 122/Mum/2011, ITA No. 186/Mum/2011 - - - Dated:- 7-6-2013 - Shri B. Ramakotaiah And Dr. S. T. M. Pavalan,JJ. For the Petitioner : Shri Anuj Kishadwala For the Respondent : Shri Mohit Jain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the impugned order, the assessee has raised this ground in the appeal before us. 2.3 At the out set, the Ld. AR has pointed out that similar issue in respect of the same of notional interest on the security deposit has been decided by the ITAT in favour of the assessee in its own case in ITA No. 1401 1402/Mum/2010 for the assessment years 2005-06 2006-07. The Ld. AR has also submitted the copy of the order before us. On the other hand, the Ld.DR has relied on the orders of the AO and the Ld.CIT(A). 2.4 We have heard both the parties on this ground and perused the material on record. The ITAT in the assessee's own case in ITA No. 1401 1402/Mum/2010 for the assessment years 2005-06 2006-07 by relying on the decision of the Mumba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the assessee has raised this ground in the appeal before us. 3.2 We have heard the rival submissions on this ground and perused the material on record. It is observed that in the assessee's own case referred above in para 2.4 on identical issue the ITAT after relying the decision in the case Allied Electronics and Magnetics Ltd. V. DCIT(304 ITR 160) and CIT V. J.K. Transport [231 ITR 798] has held that depreciation cannot be granted for the plant and machinery which has not been actually used in the business of the assessee. Considering that the facts are similar for the year under consideration in the present case also, we, by relying on the decision of the co-ordinate Bench decide this issue against the assessee. Accordingly, this gro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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