TMI Blog2015 (6) TMI 1099X X X X Extracts X X X X X X X X Extracts X X X X ..... ssue in favour of the assessee for the assessment year 2007-08 wherein as directed to allow depreciation claimed by the appellant. - Decided in favour of assessee - ITA No.5842/Mum/2011 - - - Dated:- 16-6-2015 - S/Sh. Joginder Singh,Judicial Member Rajendra, Accountant Member Assessee by :Shri Surendra Nijsure Revenue by :Shri Yogesh Kamat , Sr. AR Order u/s.254(1)of the Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y to the ratio laid down by the Hon'ble Supreme Court in the case of Escorts Ltd. v/s. Union of India 199 ITR 43 and J.K.Synthetics v/s. Union of India (1920 65 TAXMAN 420.) 3. On the facts and in the circumstances of the case, and in law, the Learned Commissioner of Income Tax (Appeals) erred in not appreciating the fact that the deficit arises out of expenditure out of income on which exe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al for the AY 2009- 10( ITA No.5312/Mum/2012 dt.12.3.15) 2. At the outset it may be noticed that learned CIT(A) followed the decision , of Hon'ble Bombay High Court in assessee's own case for A.Y. 2003-04 in holding that the assessee is entitled to depreciation and does not amount to double deduction. Para 3.3 in this regard reads as under :- 3.3 I have carefully considered the fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ourt and also decision of the ITAT in assessee's own case for A.Y. 2007-08 (ITA No. 2019/Mum/2011 dated 13.1.2015) wherein identical issues were decided in favour of the assessee. 4. Since the views taken by learned CIT(A) are in consonance with the view taken by the ITAT, and Hon'ble High Court (supra), we do not find any infirmity in the order passed by the learned CIT(A) and dismiss ..... X X X X Extracts X X X X X X X X Extracts X X X X
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