TMI Blog2022 (5) TMI 681X X X X Extracts X X X X X X X X Extracts X X X X ..... d in the assessee company business, we set aside the order of the ld. CIT(A) on this issue and direct the Assessing Officer to allow depreciation as claimed by the assessee for the assessment year 2007-08. So far as claim of depreciation on IPR for the assessment year 2008-09 is concerned, in the remand report, the Assessing Officer has stated that the assessee has not contested this issue by way of fresh evidence and therefore, no report on this issue was submitted before the ld. CIT(A). Since the assessee has not furnished renewal of iAllwayTM Server License in subsequent period either before the ld. CIT(A) or before the Tribunal, we are not inclined to interfere with the order of the ld. CIT(A) in confirming the disallowance made by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... leted. - I.T.A. Nos. 836 & 837/Chny/2020 - - - Dated:- 5-5-2022 - Shri V. Durga Rao, Judicial Member And Shri G. Manjunatha, Accountant Member Appellant by : Shri B. Ramanakumar, Advocate Respondent by : Ms. Helen Ruby Jesindha, JCIT ORDER PER V. DURGA RAO, JUDICIAL MEMBER: Both the appeals filed by the assessee are directed against different orders of the ld. Commissioner of Income Tax (Appeals) 6, Chennai, dated 17.02.2020 and dated 10.02.2020 relevant to the assessment years 2007-08 and 2008-09 respectively. 2. Both the appeals filed by the assessee are delayed by 165 days in filing the appeal before the Tribunal due to outbreak of COVID-19 pandemic and accordingly, the delay is condoned and admitted the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by Shri R. Srinivasan and agreement with assessee company for exchange of the same for total consideration of ₹.1.50 crore and (b) purchase order issued by M/s. Satyam Computers dated 18.10.2005 which shows that the license was given to use iAllwayTM MIFS Server License to M/s. Satyam Computers for 12 months. The same was forwarded to the Assessing Officer for furnishing remand report. In his remand report, the Assessing Officer has also confirmed the above facts. It is clear from the remand report as well as purchase order issued by M/s. Satyam Computers dated 18.10.2005 that iAllwayTM MIFS Server License has been acquired and the IPR has been used in the assessee company business for a period of 12 months, which falls under the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ld. CIT(A) restricted the addition to the extent of ₹.2,48,000/-. Against the confirmation of addition of ₹.2,48,000/-, the assessee is in appeal before the Tribunal. 6.1 We have heard the rival contentions. In support of claim of unsecured loans, the assessee has filed ledger account copy before the ld. CIT(A). Accordingly, the ld. CIT(A) has called for remand report from the Assessing Officer. In the remand report, after verification of the bank statement of Shri R. Srinivasan with UTI Bank and ICICI Bank, the Assessing Officer has observed that in respect of loan receipt entry was found in the ledger copy but corresponding entry for an amount of ₹.2,48,000/- was not available in both the above two bank accounts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ques, totalling in all ₹.96,54,957/- were not offered for assessment and that only ₹.50,000/- against which TDS was made alone was admitted and therefore, the Assessing Officer added the balance amount of ₹.96,04,957/- to the total income of the assessee. In reply to the remand report the assessee has submitted before the Assessing Officer that the amount of ₹.5,00,000/- pertains to the loan from M/s. Shreya Investments routed through the account of the Director R. Srinivasan. It was further explained before the Assessing Officer that the repayment along with interest is also routed through this account only which was also reflected in the annexure to the tax audit report. However, the Assessing Officer has not accep ..... X X X X Extracts X X X X X X X X Extracts X X X X
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