TMI Blog2018 (8) TMI 2049X X X X Extracts X X X X X X X X Extracts X X X X ..... Star Ltd. under a Deed of Adherence, assigned the business to the assessee company and the assessee company claimed the depreciation on the intangible and goodwill acquired out of the aforesaid acquisition. Since the nature of the case and transaction are the same, therefore, we are of the view that the CIT(A) has decided the matter of controversy judiciously and correctly which is not liable to be interfere at this appellate stage. Accordingly, this issue is being decided in favour of the assessee. - I.T.A. No.252/Mum/2017 (Assessment Year: 2012-13) - - - Dated:- 29-8-2018 - SHRI G.S. PANNU, AM AND SHRI AMARJIT SINGH, JM Revenue by: Shri Chaitanya Anjaria (Sr AR) Assessee by: Shri Soumen Adak Ashish Jhawar ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... normal provisions of the Act and Book loss u/s 115JB of the Act as per the return of the assessee filed on 28.09.2012. The return was again revised on 31.03.2014 declaring total loss to the tune of Rs.(-)32,45,14,894/- under the normal provisions of the Act and Book Loss u/s 115JB of the Act, 1961 of Rs.(-)15,96,78,868/-. The return was processed u/s 143(1) of the Act, 1961 on 11.09.2014. The refund was determined and issued. Thereafter, the case was selected for scrutiny hence notices u/s 143(2) 142(1) of the Act, 1961 were issued and served upon the assessee. The assessee company was engaged in the business of providing the contractual services relating to the plumbing Project and fire-fighting Projects. The company was incorporated as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re, the revenue has filed the present appeal before us. ISSUE NOS. 1 2:- 4. Issue nos. 1 2 are inter-connected, therefore, are being taken up together for adjudication. Under these issues the revenue has challenged the allowance of the claim by the CIT(A) in connection with depreciation claim on customer contracts to the tune of ₹ 5,62,45,313/-. The Ld. Representative of the revenue has argued that the claim of the depreciaio of the assessee does not fall u/s 32 of the I.T. Act, 1961, therefore, in the said circumstances, the CIT(A) has wrongly allowed the claim of the assessee. However, on the other hand, the Ld. Representative of the assessee has relied upon the order passed by the CIT(A) in question and also argued th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... jurisdictional Tribunal in the case of Indian Capital market (supra). Thus the appellant is eligible for depreciation and the addition ade by the AO is hereby deleted. This ground is thus allowed. Respectfully following the aforesaid decision rendered in earlier year, this ground is allowed and appellant is eligible for depreciation and the addition made by the AO is hereby deleted. This ground is thus allowed. 5. On appraisal of the above said finding, we noticed that the CIT(A) has decided the matter of controversy on the basis of the decision of the CIT(A) in the earlier year order dated 29.07.2016 of the assessee which has been mentioned while passing the order and highlighted as italic above. The CIT(A) has decided the mat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epreciation. The factual position is also the same in the instant case also wherein the assessee company which is subsidiary of Blue Star Ltd. (including ₹ 60 Crs. for Intangible Assets Goodwill) from D.S. Gupta Construction Pvt. Ltd. and thereafter the Blue Star Ltd. under a Deed of Adherence, assigned the business to the assessee company and the assessee company claimed the depreciation on the intangible and goodwill acquired out of the aforesaid acquisition. Since the nature of the case and transaction are the same, therefore, we are of the view that the CIT(A) has decided the matter of controversy judiciously and correctly which is not liable to be interfere at this appellate stage. Accordingly, this issue is being decided in fa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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