9911796707
TMI Blog2021 (10) TMI 964X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer being part of depreciation claimed by the assessee on account of office premises at India Habitat Centre. The notes to accounts brought out the fact that the title deeds in respect of the office premises have yet to be executed. The bank has claimed depreciation at the applicable rates as per Income Tax Rules on the amount paid as cost of premises. That the appellant craves the leave to add, modify, amend or delete any of the grounds of appeal at the time of hearing." 2. The solitary grounds of the assessee is against the confirming of disallowance of depreciation of Rs. 33,98,755/-. 3. Facts giving rise to the present appeal are that the assessee had filed return declaring total income of Rs. 6,44,17,60,620/- on 30.09.2013 thr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acceptable. The assessee company has not given the bifurcation of depreciation of land and building and claimed the depreciation on entire value of premises, thus, the disallowance of depreciation is made accordingly as per last year's assessment order for A.Y 2012-13 made by the AO and on the similar lines, the disallowance of depreciation of Rs. 33,98,755/- is made and added to assessee's total income." (Addition of Rs. 33,98,755/-) 9. We also find that the Ld.CIT(A) in paras 6.3 & 6.4 of the impugned order has followed earlier years decision of their respective predecessors by observing as under:- 6.3. "The issue came up for A.Y. 2012-13 as well and the Ld. CIT(A) uphold the addition made by the AO. The decision of CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ground of appeal is dismissed." 10. We find that the decision of Ld.CIT(A) was over-turned by the Tribunal by holding as under:- 26. "Ld.AR for the assessee contended that in the absence of any segregation of value of land, deprecation has been claimed on the basis of total cost paid to India Habitat Centre because land is also leasehold being subject to amortization and effectively the total cost paid for the premises will be considered for amount of depreciation. Ld.AR relied upon the decision rendered by the Coordinate Bench of the Tribunal in CIT vs Rajesh Exports Ltd. (2006) 9 SOT 28 (Bang.) which has further than relied upon by the Co-ordinate Bench of the Tribunal in case of ITO vs Millennium Spire India management (P)Ltd. ITA N ..... X X X X Extracts X X X X X X X X Extracts X X X X
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