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ACIT - 22 (3) , Mumbai And Others Versus M/s Crescent Construction Company And Others

2015 (10) TMI 1424 - ITAT MUMBAI

Depreciation of school building, labour huts, store building etc. - Held that:- The assessee constructed/completed a big project of Rajasthan Housing Board. As per the agreement the assessee was to construct certain assets/buildings like school, labour huts at the site to stay for labour and store building to keep the material at site, site office building etc. The same were handed over to the Rajasthan Government. The assessee written of the assets by claiming 100% of depreciation. There is no .....

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ld. Commissioner of Income Tax (Appeals) on this issue in granting relief with respect to claim of depreciation, thus, the appeal of the Revenue is having no merit.

Addition made on accrued interest on fixed deposit - AO disallowed a sum on the ground that the accrued interest on F.Ds was not accounted for in the books of accounts by the assessee - Held that:- If the observation made in the assessment order, leading to addition made to the total income, conclusion drawn in the impugne .....

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k along with interest credited the income for which the assessee declared the same in his profit & loss account on maturity and offered the income on such interest in the assessment year 2010-11. There is no loss to the Revenue since the interest was offered as income. Thus, this appeal of the assessee is allowed and the addition so made is deleted. - Decided in favour of assessee. - ITA No. 5292/Mum/2012, ITA No. 4993/Mum/2012 - Dated:- 1-6-2015 - Joginder Singh, JM And N K Billaiya, AM,JJ. For .....

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ts advanced by Shri Premanand J. ld. DR is identical to the ground raised by submitting that these assets were not owned by the assessee and further the agreement with the Rajasthan Housing Board does not mention such construction. On the other hand Shri Prakash K. Jotwani, ld. counsel for the assessee defended the conclusion arrived at in the impugned order. 2.1 We have considered the rival submissions and perused the material available on record. If the observation made in the assessment order .....

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of ₹ 16,07,503/- was disallowed by the Assessing Officer on the ground that 100% depreciation on the school building, labour huts and store building etc. is not available to the assessee. The assessee constructed/completed a big project of Rajasthan Housing Board. As per the agreement the assessee was to construct certain assets/buildings like school, labour huts at the site to stay for labour and store building to keep the material at site, site office building etc. The same were handed o .....

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o different assessment year when the project was in existence. In view of these facts, we affirm the stand of the ld. Commissioner of Income Tax (Appeals) on this issue in granting relief with respect to claim of depreciation, thus, the appeal of the Revenue is having no merit, consequently, the appeal is dismissed. 3. Now we shall take up the appeal of the assessee (ITA No. 4993/Mum/2012), wherein confirming the addition of ₹ 11,62,358, made on accrued interest on fixed deposit, allegedly .....

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