9911796707
TMI Blog2001 (9) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... The dispute relates to the assessment year 1983 84. The assessee filed a return, declaring a loss of Rs.37,88,24,824. The Assessing Officer finalised the assessment under section 143(3) of the Income-tax Act, 1961. The deductions claimed by the assessee under various heads, including on account of the forfeiture of contributory provident fund and depreciation on spare engines were disallowed. It w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the claim even with regard to depreciation was accepted. Aggrieved by the order of the Commissioner, the Revenue filed an appeal. Various grounds were raised. However, the claim in respect of the aforesaid two items was declined. The appeal having been dismissed, the Revenue has now filed this second appeal under section 260A of the Income-tax Act, 1961. The Revenue maintains that the followi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Is it so? As already noticed, the Commissioner has recorded a firm finding that the amount of provident fund, forfeited by the employer goes to the trust and not to the assessee. Nothing has been produced before us to show that it is not so. Resultantly, it is clear that the finding of fact recorded by the Commissioner and affirmed by the Tribunal calls for no interference. In any event, no sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ages with the passage of time, including engines which gather dust in the store room. There is a normal depreciation of value even when a machine or equipment is merely kept in a store. Secondly, keeping in view the nature of the assessee's business, it has to necessarily keep certain spare engines in store to meet an emergent situation. There is nothing on record to indicate that an engine, whic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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