TMI Blog2020 (4) TMI 611X X X X Extracts X X X X X X X X Extracts X X X X ..... d building is composite one and it has no segregation of value of land and building separately, disallowance made by the AO/ CIT (A) is not sustainable in the eyes of law. - Decided in favour of assessee. - ITA No:- 477/Del/2017 - - - Dated:- 10-2-2020 - SHRI AMIT SHUKLA AND ANADEE NATH MISSHRA, JJ Appellant by : Shri Surender Kumar, C.A. Respondent by : Ms. Rakhi Vimal, Sr. DR ORDER ANADEE NATH MISSHRA, J. (A) This appeal has been filed by the Assessee against impugned appellate order dated 21.10.2016 of Learned Commissioner of Income Tax (Appeals)-33, New Delhi, [ Ld. CIT(A) , for short), pertaining to Assessment Year 2012-13, on the following grounds: 1. On the facts and in the circumstances of the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowed by the Assessing Officer ( AO , for short). The relevant portion of the Assessment Order dated 31.03.2015 is reproduced as under: (C) Aggrieved, the assessee filed appeal before the Ld. CIT(A). Vide impugned appellate order dated 21.10.2016 of the Ld. CIT(A) restricted the disallowance to ₹ 36,40,145/- and deleted the remaining amount. The relevant portion of the impugned appellate order dated 21.10.2016 of the Ld. CIT(A) is reproduced as under: (C.1) Aggrieved again, the assessee filed this present appeal before Income Tax appellate Tribunal ( ITAT , for short). In the course of appellate proceedings in ITAT, a synopsis was filed from assessee s side; the relevant portion of which is reproduced as und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered in favour of the assessee by aforesaid orders in the case of Joint Commissioner of Income-Tax vs. Rajesh Exports Ltd. (supra) and order dated 28.03.2019 of Coordinate Bench of ITAT, Delhi, (supra). Also, no distinguishing facts and circumstances have been brought to our notice by either side to persuade us to take a view different from the view taken by the ITAT in the aforesaid orders in the case of Joint Commissioner of Income-Tax vs. Rajesh Exports Ltd. (supra) and order dated 28.03.2019 of Co-ordinate Bench of ITAT, Delhi, (supra). For ease of reference, the relevant portion of the aforesaid order dated 28.03.2019 of Co-ordinate Bench of ITAT in assessee s own case is reproduced below: 25. AO as well as id. CIT (A) has disallo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hen Assessing Officer is right in allowing depreciation only an the building. 28. In this case also, when the assessee bank does not have any segregation value of land and building of the said premises and it has paid composite price, the entire depreciation claim is allowable under Section 32 of the Act. So, following the aforesaid decision rendered by the Co-ordinate Bench of the Tribunal in CIT vs. Rajesh Exports Ltd. (supra), and when it is categoric case of the assessee that the purchase price of land and building is composite one and it has no segregation of value of land and building separately, disallowance made by the AO/ CIT (A) is not sustainable in the eyes of law. So, Ground No. 5 to 8 of ITA No. 6888/Del/2014 (AY 2011-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
