TMI Blog2020 (9) TMI 313X X X X Extracts X X X X X X X X Extracts X X X X ..... case of the assessee is eligible as per the block of asset otherwise if such expenditure are put in the category of repair/revenue expenditure then the full claim of such expenditure are to be allowed. Since the assessing officer has treated such expenditure as capital expenditure, therefore, we consider that no new asset has been created on renovation of the commercial vehicle. Therefore, the claim of the assessee for depreciation @ 50% applicable to the particular block of assets is justified. Appeal of the assessee is allowed. - ITA No. 2905/Ahd/2017 - - - Dated:- 27-5-2020 - Shri Amarjit Singh, Accountant Member And Ms. Madhumita Roy , Judicial Member For the Assessee : Shri Tushar Hemani, A.R. For the Revenue : Shri Vidhy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the claim of depreciation @ 30% and disallowed excess claim of depreciation to the amount of ₹ 13,86,331/-. 4. Aggrieved assessee has filed appeal before the ld. CIT(A). The ld. CIT(A) has dismissed the appeal of the assessee. 5. During the course of appellate proceedings before us, the ld. counsel has filed paper book comprising copies of document and detail of information furnished before the lower authorities. After referring the pages of paper book, the ld. counsel has contended that assessee has made depreciation correctly in respect of repair carried out on commercial vehicles purchased in financial year 2009-10 and 2010-11 on which depreciation is available @ 50%. The ld. counsel has further contended that otherwise the w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s justified. Accordingly, we direct the assessing officer to provide the depreciation @ 50% applicable to the block of assets in the case of the assessee. Accordingly, this appeal of the assessee is allowed. 7. Ground No.2 is not pressed, so, the same is dismissed as not pressed. Ground No. 4 is pertaining to levy of interest u/s. 234A/B/C. This ground of appeal is dismissed as charging of interest u/s. 234A/B/C is mandatory. Ground No. 5 is against action of assessing officer in initiating penalty u/s. 271(1)(c) of the Act. The same is also dismissed as it is immature at this stage. 8. In the result, the appeal of the assessee is partly allowed. Order pronounced in the open court on 27-05-2020 - - TaxTMI - TMITax - Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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