TMI Blog1986 (12) TMI 24X X X X Extracts X X X X X X X X Extracts X X X X ..... r sub-section (2) of section 256 of the Income-tax Act, 1961: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in rejecting the claim of depreciation amounting to Rs. 1,44,669 on new trucks purchased in the year under consideration and also on written down value of the old trucks, etc., when full details were filed in the shape of Nos. of trucks and date o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... up in appeal to the Appellate Assistant Commissioner of Income-tax and urged that this disallowance of Rs. 1,44,669 as depreciation was unjustified. This claim was negatived by the following observations, " This matter has been agitated in the grounds of appeal but in the contract work, the income has been estimated and, therefore, the depreciation appears to have been considered. The point is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of it cursorily. The submission made by the assessee is not correct. It appears from the judgment of the Appellate Assistant Commissioner as well as that of the Tribunal that the claim of the assessee with regard to depreciation was not accepted as the same had been taken care of while dealing with the profit earned by the assessee in the contract work. In the contract work of the assessee, the in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it appears that if the whole of the order of the Income-tax Officer is read, a possible view to be taken is that as the depreciation had been allowed on the contract work, no claim for further amount on this head was entertainable. If the observations of the Income-tax Officer relied upon by the assessee's counsel and extracted are read in isolation, the same would lead to an incorrect result. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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