TMI Blog2019 (2) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... These facts are not available on record. We, therefore, direct AO to examine what happened in the preceding years. If in the preceding years the depreciation was not claimed or this issue was not considered and the facts of the case warrant the consideration of this issue in the year under consideration, then Assessing Officer will consider the same in the light of the decision of Hon’ble Apex Court in the case of Meghalaya Steels Ltd. (2016 (3) TMI 375 - SUPREME COURT). If the claim of depreciation of the assessee is allowed, then the assessed income will turn into negative income and there will be no question of claim u/s 80IC - Appeal allowed for statistical purposes. - ITA No.4876/Del/2014 And ITA No.824/Del/2015 - - - Dated:- 28- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... depreciation. Accordingly, he disallowed the depreciation claimed by the assessee at ₹ 3,96,19,664/-, which resulted in the assessment of total income at ₹ 1,47,71,522/-. On appeal, the assessee challenged the disallowance of depreciation. Learned CIT(A) upheld the order of the Assessing Officer on this issue and therefore, the assessee is in appeal vide ITA No.824/Del/2015. Before the learned CIT(A), the assessee claimed deduction u/s 80IC and also filed the audit report in Form 10CCB. Learned CIT(A) directed the Assessing Officer to allow deduction u/s 80IC as per law. The Revenue is in appeal against this direction of the learned CIT(A). 4. We have considered the rival submissions and have perused the material placed befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e allowed on the actual cost of demerged assets or the cost is to be reduced by any government grant received by the demerged company should have been examined in the assessment year 2007-08 and thereafter, year after year, depreciation is to be allowed on WDV. These facts are not available on record. We, therefore, direct the Assessing Officer to examine what happened in the preceding years. If in the preceding years the depreciation was not claimed or this issue was not considered and the facts of the case warrant the consideration of this issue in the year under consideration, then Assessing Officer will consider the same in the light of the decision of Hon ble Apex Court in the case of Meghalaya Steels Ltd. (supra) and also the decision ..... X X X X Extracts X X X X X X X X Extracts X X X X
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