TMI Blog2016 (7) TMI 924X X X X Extracts X X X X X X X X Extracts X X X X ..... essee. Claim of depreciation in respect of leased assets - Held that:- The assessee has been able to prove genuineness of the depreciation claim qua the air pollution control equipment in question leased out to M/s. Rajendra Steel Ltd. - Decided in favour of assessee. - TAX APPEAL NO. 545 of 2016 With TAX APPEAL NO. 548 of 2016 - - - Dated:- 11-7-2016 - MR. KS JHAVERI AND MR. G.R.UDHWANI, JJ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd hire purchase with trading in shares and other investments. The assessee has filed return of income for the assessment year 1996-97 on 27.11.1992 declaring income at ₹ 61,11,200/- The Assessing Officer completed regular assessment determining the very same income on 24.03.1999. He was of the opinion that income chargeable to tax had escaped assessment. He accordingly issued notice under S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urities of ₹ 74,70,000/- and depreciation of claim of ₹ 38,24,344/-. The assessee filed the appeal challenging validity of reassesment proceedings and disallowance of depreciation claim of ₹ 1,71,96,071/-. 4. The Tribunal by the impugned order dated 30.11.2015 allowed the appeals of the assessee and dismissed the appeals of the Revenue making following observations: 11. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 71,92,701/- are deleted as a necessary corollary. The Revenue's appeal 3465/2004 for assessment year 1996-97 is dismissed. Assessee's cross appeal 3386/2004 is accordingly accepted Its appeal ITA 3416/2008 challenging section 271(1) (c) penalty of ₹ 67,73,023/- relating to depreciation claim of ₹ 1,71,92,701/- hereinabove is allowed since the main disallowance/addition does not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner of Income Tax vs. Mohmed Juned Dadani reported in 357 ITR 172 . Hence, the appeal is dismissed qua question No.1. 7. Insofar as second question is concerned, it pertains to deleting depreciation disallowance of ₹ 38,24,344/- on air pollution control equipment purchased and leased back to M/s. Rajendra Steels Ltd, Kanpur. In facts of the case, we see no reason to interfere with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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