TMI Blog2009 (1) TMI 869X X X X Extracts X X X X X X X X Extracts X X X X ..... f Dega Capital Management (P) Limited [ 2008 (10) TMI 383 - ITAT MUMBAI] wherein also the matter has been set aside to the file of the AO to compute the disallowance in accordance with the-amended provisions and the rules thereunder as held to be applicable with retrospective effect. Accordingly, we restore the matter to the file of AO. Disallowance on account of excess claim of depreciation on computer peripherals - HELD THAT:- We find that the matter stands covered in favour of the assessee by the decision in the case of ITO vs. Samiran Majumdar [ 2005 (8) TMI 293 - ITAT CALCUTTA-B] held that the term computer has not been defined under the Act, yet Explanation (a) to clause (xi) of section 36(1), defined the term computer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... priate method in the absence of any prescribed method. 2. In the facts and circumstances of the case, the Ld. CIT (A) erred in allowing the depreciation @ 60% on computer peripherals against the admissible rate of 25% and thereby deleting the addition of ₹ 75,790/- made by A.O. 2. As regards first ground, the facts are that the assessee earned dividend income of ₹ 71,67,534/- which is not chargeable to tax under section 10(34) of the Act. The assessee had debited and claimed expenditure under different heads, viz., General and administrative expenses ₹ 5,25,45,700/-, Staff and personnel expenses ₹ 4,55,87,425/- and Interest paid ₹ 24,21,616/- and claimed that no expenditure was incurred for earning divid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 29,10,005/-. The revenue is in appeal. The order of the CIT (Appeals) is contrary to the decision of the Tribunal wherein the matter has been restored to the file of the Assessing Officer for fresh consideration in accordance with the amended provisions of the Act and to make the disallowance. 4. We also find that the matter now stands covered by the Special Bench decision of the Tribunal in the case of Dega Capital Management (P) Limited (2008) wherein also the matter has been set aside to the file of the Assessing Officer to compute the disallowance in accordance with the-amended provisions and the rules thereunder as held to be applicable with retrospective effect. Accordingly, we vacate the order of the CIT (Appeals) on this i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
