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of <h1>ITAT Chennai upholds depreciation claim for Port Trust assessee, dismissing Revenue's appeal</h1> <h3>The Assistant Commissioner of Income Tax, Circle I, Versus. Tuticorin Port Trust, Harbour Estate,</h3> The Assistant Commissioner of Income Tax, Circle I, Versus. Tuticorin Port Trust, Harbour Estate, - TMI Issues involved: Appeal by Revenue and Cross Objections by assessee against order of CIT(A) regarding depreciation claim under section 143(3) of the Income Tax Act 1961 for assessment year 2008-09.Revenue's grounds in appeal: Opposed to CIT(A)'s order, questioning depreciation allowance based on various court decisions. Claimed depreciation was double deduction.Assessee's defense: CIT(A) rightly interfered in disallowance of depreciation. Filed supporting documents.Assessing Officer's findings: Assessee is a Port Trust. Initially declared income processed under section 143(1). Later, revised statement admitted higher income due to registration under section 12AA with retrospective effect.Dispute over depreciation claim: Assessing Officer disallowed `.11,56,72,779/- depreciation as double deduction. CIT(A) directed verification of claim's genuineness.Previous case reference: Similar depreciation issue arose in a previous case for the same assessee. Coordinate Bench upheld depreciation claim based on court decisions and jurisdictional High Court ruling.Final decision: ITAT Chennai confirmed CIT(A)'s decision to allow depreciation claim. Both Revenue's appeal and assessee's Cross Objections dismissed.Separate Judgment: Cross Objections filed by assessee dismissed as they only supported CIT(A)'s order.Conclusion: Appeal and Cross Objections both dismissed, confirming depreciation allowance for the assessee.
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