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ACIT, CC-34 Mumbai Versus Shri Ramesh B. Parekh

2010 (1) TMI 1247 - ITAT MUMBAI

2281/Mum/2009 - Dated:- 15-1-2010 - Shri D. Manmohan, Hon ble Vice President And Shri P.M. Jagtap, Accountant Member For the Appellant : Shri Kishan Vyas For the Respondent : Shri Sanjiv Shah ORDER PER SHRI D. MANMOHAN, V.P. This appeal by the Revenue is directed against the Order dated 16-1-2009 passed by the CIT(A)-VI, Mumbai and it pertains to the assessment year 2004-2005. The only ground urged by the Revenue reads as under : On the facts and in the circumstances of the case and in law, the .....

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is engaged in the business of purchase and sale of petroleum products, besides transport business. Assessee had also declared house property income of ₹ 12,50,583/- in respect of his Goregaon property. As against the gross rent received, assessee deducted municipal taxes etc., under section 24 of the Act. The Assessing Officer was of the opinion that the Goregaon property was situated in a commercial locality and it is a business asset; therefore, income earned thereon has to be treated as .....

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event assumed value of ₹ 20,40,000/-, (valuation for the stamp duty purpose) has to be taken into consideration and the same has to be reduced from the written down value of the block of assets and depreciation is allowable on the net written down value. 4. The case of the assessee, on the other hand, was that with regard to calculation of depreciation, provisions of section 50C of the I.T. Act are not applicable and thus, the method followed by the Assessing Officer is not in accordance .....

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is in appeal before us. At the time of hearing, learned Counsel placed reliance upon the latest decision of the ITAT E Bench, Mumbai in the case of DCIT vs. Cable Corporation of India Limited ITA. No.5592/Mum/2002 dated 29-10-2009 wherein the Bench held that artificial value should not be taken into consideration for the purpose of reduction from the block of assets. In this regard, the Bench observed in para 6 as under : Having heard the rival contentions and having perused the record, we are n .....

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