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TMI Blog2019 (2) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... iled the return declaring loss of Rs. 2,48,48,142/-. Since as per the return of income the assessee had declared the loss, no deduction u/s 80-IC was claimed. During the course of assessment proceedings, the Assessing Officer noticed that the assessee company has demerged from M/s Dharampal Satyapal Ltd. with effect from 01.04.2006 by the order of Hon'ble Delhi High Court dated 11th September, 2007. By such demerger, the assessee as well as Abhisar Buildwell Pvt.Ltd. came into effect. The Assessing Officer noticed that M/s Dharampal Satyapal Ltd. have purchased the plant and machinery out of deferred government grants. Cost of such plant and machinery was Rs. 55.72 crores. The Assessing Officer was of the opinion that by virtue of Expla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of Hon'ble Apex Court in the case of CIT Vs. Meghalaya Steels Ltd. - [2016] 383 ITR 217 (SC). He, therefore, stated that the claim of depreciation may be allowed. 5. Learned DR, on the other hand, relied upon the order of the Assessing Officer. She further stated that the demerger took place in the year 2006-07 while the year under consideration is 2011-12. How the depreciation can be claimed and allowed on actual cost of demerged assets. It should have been claimed on WDV. Learned counsel was not readily able to state what happened in the preceding four years so far as the allowability of depreciation is concerned. 6. After considering the facts of the case and submissions of both the sides, we deem it appropriate to set aside the ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acts and circumstances of the case, I admit the audit report in form 10CCB as fresh evidence and the same has been examined by the assessing officer on merits as well. No further opportunity is required as such. I have considered the judicial pronouncement relied by Ld. AR that the audit report in form 10CCB can be submitted before the first appellant authority specially under the circumstances when loss was claimed in return of income which was converted into positive income by making addition by the assessing officer. Accordingly, the assessing officer is directed to allow deduction u/s 80IC as per law treating that the requirement of filing audit report in form no.10CCB is met." 7. We entirely agree with the above direction of learned C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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