TMI Blog2021 (5) TMI 252X X X X Extracts X X X X X X X X Extracts X X X X ..... er, by which dirction was given to increase the value of Panki plot to ₹ 13.00 crore from ₹ 1.00 lakh initially shown by the assessee and thereby correspondingly reducing the value of Intangible assets and the resultant claim of depreciation thereon. This position was fairly accepted by the ld. AR. Respectfully following the precedent, we set-aside the impugned order and restore the matter to the file of the AO for allowing depreciation on intangible assets but only after giving effect to the afore-extracted direction from para 69 of the Tribunal order. Needless to say, the assessee will be allowed opportunity of hearing in such fresh proceedings. Appeal allowed for statistical purposes. - ITA Nos. 1725 and 1726/PUN/2018 - - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6-07, 2009-10 and other years, deleted the entire addition. Aggrieved thereby, the Revenue has come up in appeal before the Tribunal. 4. We have heard the rival submissions through Virtual court and gone through the relevant material on record. It is seen that the extant issue came up for consideration before the Tribunal for the first time in its order for the A.Yrs. 2004-05 2005-06 (ITA Nos. 1507 and 2036/PUN/2012). Vide order dated 12-12-2017, the Tribunal allowed depreciation on such Intangible assets with the qualification contained in para 69, reading as below: 69. Before parting, we may also point out that as per the Toll Conversion Agreement, the value of Panki assets was taken at ₹ 1 lakh. However, the CIT(A) had wo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the AO disallowed full depreciation on Intangible assets. However, the ld. CIT(A) overturned the assessment order without noticing the afore quoted para 69 of the Tribunal order, by which direction was given to increase the value of Panki plot to ₹ 13.00 crore from ₹ 1.00 lakh initially shown by the assessee and thereby correspondingly reducing the value of Intangible assets and the resultant claim of depreciation thereon. This position was fairly accepted by the ld. AR. Respectfully following the precedent, we set-aside the impugned order and restore the matter to the file of the AO for allowing depreciation on intangible assets but only after giving effect to the afore-extracted direction from para 69 of the Tribunal order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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